Introducing CROSSx: Why Crossover’s New Execution-Only Crypto ECN Is the Ideal Venue to Drive Institutional Adoption

The recent history of the digital asset space has been marked by rapid evolution. In just a few short years, crypto has transformed from an ultra-niche cause for evangelists and enthusiasts to the subject of nightly news stories and federal regulation. Yet despite the momentum, many institutions have hesitated to enter these markets, closing themselves off from the incredible opportunities that come with the rise of a new asset class.

At Crossover Markets, we’re on a mission to change that. That’s why we’re proud to announce the launch of CROSSx – the industry’s first and only cryptocurrency Electronic Communication Network (ECN). By offering rapid execution times, tailored liquidity and decreased trading costs, CROSSx is purpose-built to meet the unique requirements of institutions in the spot and derivative crypto markets.

Perhaps the most compelling attribute of CROSSx is that it is an execution-only offering. In a space dominated by exchanges that also provide custody and brokerage services, we focus exclusively on providing the fastest and most reliable trade execution venue in the world. We don’t compete with our clients in any way, nor do we hold client funds, directly handle assets or carry counterparty risk. This neutral position in the market offers institutions the reassurance that our only goal is to help them efficiently reach their counterparties.

Avoiding these conflicts of interest enables us to give institutions the ability to freely choose their own counterparties. CROSSx gives both market makers and liquidity takers the opportunity to create custom lit and dark liquidity pools, so they can trade with whomever they want based on trade size, spread, toxicity and skew protection. With these customization capabilities, retail broker clients can even leverage ring-fenced portions of CROSSx so that they don’t need to build their own exchange or trade on those operated by competitors. That means a lower barrier of entry to crypto – and thus, more liquidity in the market.

We’re confident not just in our value proposition, but also in the team we’ve assembled to deliver on it. My fellow co-founders and I have spent decades building FX trading technology solutions and businesses at some of the world’s leading banks and fintechs, giving us the traditional finance experience necessary to help institutions make a smooth transition to crypto. We are leveraging best practices and order logic from the equities and FX markets to bring all these worlds together – and create unprecedented efficiencies in the process.

Bolstered by a recent seed investment round funded by an incredible consortium of leading traditional and digital market participants – including Exness Ltd., Flow Traders,, GMO Internet, Nomura’s Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma and Wintermute – we have the business model, expertise and resources to make an immediate impact. With sub-20 microsecond matching engine latency and some of the lowest fees in the industry, we offer the ideal combination of powerful technology and a client-friendly business model.

With that, it’s time to get back to the grind. We couldn’t be more excited to see how the market responds to CROSSx in the weeks and months ahead, and you can bet that we’ll be working tirelessly to make it even better over time. As we solidify our position, we’ll help the digital asset space at large continue to gain momentum, ultimately ushering the next big wave of institutions into the crypto market.

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