As we step into a new year, it feels like the ideal time to reflect on the journey we’ve undertaken since launching CROSSx, the world’s first execution-only crypto ECN and the fastest execution venue in the market.
CROSSx was purpose-built to address the unique liquidity requirements of institutions in the digital asset markets — and the first full calendar year of live trading on CROSSx has demonstrated strong demand for deep liquidity and tight spreads.
2024 was a year of extraordinary growth, all driven by our unwavering commitment to delivering cutting-edge technology and fostering institutional-grade innovation. The numbers speak for themselves: 3.14 million trades matched against 503.8 billion quotes, totaling over $13.5 billion in notional value has been traded on CROSSx. These achievements are underpinned by the trust of our clients, with 57 institutions now live on the platform, utilizing its unmatched capabilities to meet their crypto trading needs.
On the technology front, the scale of our operations and the precision of our execution stood out. CROSSx is defined by 2.7 million lines of fully proprietary code. 2024 saw 80 software releases and over 11.2 million code changes, en route to processing 126 petabytes of data — a testament to the robust technology infrastructure that powers CROSSx. What’s more, we have achieved all this while maintaining our benchmark of 99% of orders matched in single-digit microseconds.
CROSSx also reached several key business milestones that solidify our position as the foremost institution-only venue for crypto trading. We are now operational in three key global data centers — Equinix LD4, Equinix NY2 and AWS Tokyo — ensuring low-latency access for our clients worldwide. We’re also proud to have secured two strategic licensees of CROSSx: Route28 via Hidden Road and BakktX via Bakkt, partnerships that underscore the value and scalability of our technology.
Being the first crypto ECN on the market wasn’t just about being first — it was about setting the standard. CROSSx combines ultra-low-latency, quote-driven matching technology with complex interaction rules and smart order routing, offering a significantly differentiated advantage over the traditional central limit order book (CLOB) model that has been prevalent in crypto. We’ve redefined expectations for efficiency, liquidity and customization in the crypto trading space, providing a platform tailored to the sophisticated demands of institutional participants.
While we’re proud of what we’ve achieved thus far, we’re even more excited about what lies ahead. 2025 promises to be transformative as we prepare to launch CROSSx 2.0, a next-generation iteration of our venue that will bring even greater performance, functionality and value to our clients.
Stay tuned for more updates as we continue driving the next big wave of institutions into the crypto market.
