Crossover and Cboe Digital Collaborate on Crypto Clearing Solution

Crossover Markets Group, an institution-focused digital assets firm, has announced a collaboration with the U.S.-regulated crypto exchange Cboe Digital. The collaboration between Crossover and the digital arm of the Chicago Board Options Exchange gives the latter clearing solutions for spot and futures trades across multiple digital asset execution platforms.

Crossover’s flagship product is CROSSx, an electronic communication network for institutional clients. CROSSx will be used with Cboe Digital Exchange’s clearing arm, Cboe Clear Digital. “Cboe Clear Digital provides operational, technical, and collateral efficiencies and we look forward to supporting Crossover’s clients in innovative ways as the digital asset market evolves,” President of Cboe Digital John Palmer said on Thursday.

“Institutional market structure in crypto is being reset; the collaboration of Cboe Digital’s world-class infrastructure and CROSSx, a first-of-its-kind, ultra-low latency ECN is groundbreaking,” co-founder of Crossover Brandon Mulvihill said. The collaboration promotes competition in trade execution and could help to reduce trading fees, the co-founder added.

This article originally appeared on The Block. Read the full story here.

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