FNG Exclusive… FNG has learned that Japanese Retail FX and crypto trading giant GMO-Z.com has made an investment in newly-formed institutional crypto platform Crossover Markets. The investment was made via GMO-Z.com Trust Company, GMO’s New York regulated Stablecoin issuer. GMO Z.com is the online trading arm of GMO Internet Inc. (TYO:9449).
As was also exclusively reported here at FNG back in April, the two leading executives running the FX Prime Brokerage operations of Jefferies Financial Group Inc (NYSE:JEF) – Brandon Mulvihill and Anthony Mazzarese – left Jefferies to launch Crossover Markets earlier this year. Mulvihill and Mazzarese were long-term senior employees at FXCM, who formed the FX prime brokerage desk at Jefferies, after Jefferies bought FXCM in 2015.
Crossover Markets plans to officially launch this summer. On its website (at crossovermarkets.com), the company describes itself as follows:
Crossover Markets Group, Inc is a digital asset exchange designed to meet the liquidity needs of institutional clients. The team consists of industry veterans with backgrounds in trading, technology, equities and foreign exchange from some of the largest financial institutions globally.
Ken Nakamura, President & CEO at GMO-Z.com Trust Company, the group’s New York based operation, posted the following note:
We are excited to announce our investment in the Crossover Markets Group, Inc seed round.
Crossover Markets is an electronic, digital asset marketplace for institutional customers. Based in New York and London, the team strives to build the fastest, most advanced trading technology in cryptocurrencies. The Crossover Markets venue will allow consumers flexibility to interact in both dark and lit environments with liquidity provisioning tailored on a per consumer basis. Increasing available liquidity is a necessary mandate to widespread institutional adoption and Crossover Markets is bringing the necessary technology to make this happen.
We are excited to back Crossover Markets and their founders Brandon Mulvihill, Anthony Mazzarese and Vladislav Rysin!