Former Jefferies Prime Broker Executives Start Crypto Exchange

A pair of former Jefferies Financial Group Inc. executives have formed Crossover Markets Group Inc., a cryptocurrency exchange for institutional investors. 

Brandon Mulvihill and Anthony Mazzarese, who were two of the top executives in Jefferies’s foreign-exchange prime brokerage division, teamed up with Vlad Rysin, previously chief technology officer at Euronext FX, to found the company, according to a statement. The three are in the process of closing a seed round of funding and plan to debut the exchange “late summer to early fall.”

Institutional investors’ interest in digital assets has swelled in recent years and professional investors traded $1.14 trillion of cryptocurrencies on Coinbase Global Inc., compared with $120 billion in 2020. Still, just 18% of institutional investors in the U.S. in a Fidelity survey said they had bought or invested in digital assets as of last year. 

“While the vast majority of traditional institutional clients are not yet in crypto, we believe this is rapidly changing,” Mulvihill said in the statement. “As the market matures, so should the technological advancements of the exchanges.”

Crossover Markets will seek to offer improved technology that speeds up cryptocurrency trading and reduces the latency — or the amount of time that passes from the moment a trade is initiated to its receipt — in digital assets, according to the statement. 

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