Crossover’s CEO discusses institutional interest and how over-the-counter (OTC) trading has picked up in crypto.
Crossover’s officially expanding to the United States.
I spoke to CEO Brandon Mulvihill about the move, institutional interest, and the rise of over-the-counter (OTC) trading.
It’s probably already pretty obvious that this change is happening because of the shifting environment in the United States. Mulvihill told me it’s the perfect time for the team to enter the US markets — because it’s obviously a more favorable regulatory environment, but also because it looks like institutional interest is really picking up.
“Almost the day after the election, the US institutions were calling us immediately,” he told me. Mulvihill and his other cofounders started their careers in TradFi, so they’re pretty familiar with both crypto and the more, well, traditional side of finance.
And, with CrossX — its electronic communications network — Crossover does stand out as over-the-counter (OTC) trading picks up in crypto.
“One of the big drivers we see internationally is that people are getting out of — especially the crypto-native market makers and…quant hedge fund — they’re moving away from the on-exchange world into OTC trading, which should not be surprising, because if we look at the foreign exchange market, the same thing happened,” he said. Crossover is also the “largest OTC destination cleared by Hidden Road.”
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