Launched earlier this year, CROSSx is an execution-only cryptocurrency electronic communication network backed by US-based hedge fund Two Sigma and Nomura.
Digital asset technology firm Crossover Markets Group is collaborating with Cboe Digital to offer a clearing solution for trades across digital asset execution platforms.
Crossover’s flagship product, CROSSx, has become the first external technology venue to provide connectivity to Cboe Digital.
Launched in March, CROSSx is Cossover’s execution-only cryptocurrency electronic communication network (ECN). The network has been backed by US-based hedge fund Two Sigma and Nomura.
CROSSx provides institutional and intermediary clients a technology platform to execute spot cryptocurrencies, which complements Cboe Digital’s native exchange. Cboe Digital’s clearing arm, Cboe Clear Digital, is a traditionally structured central counterparty for clearing and settlement.
“The explosion of institutional trading volumes in the cryptocurrency market will not happen until fungibility is widespread,” Brandon Mulvihill, co-founder and chief executive of Crossover, told the TRADE.
This article originally appeared on The TRADE News. Read the full story here.