Exness and GMO Backed Crossover Markets Launches Execution-Only Crypto ECN

Crossover Markets Group Inc., a crypto exchange for institutional traders established last year by two former Jefferies executives​ - Brandon Mulvihill and Anthony Mazzarese, announced yesterday the introduction of CROSSx, its execution-only digital asset Electronic Communication Network (ECN).

An execution-only trading venue provider, Crossover notes that CROSSx brings to market one of the fastest crypto trading engines in the world, designed to significantly reduce trading costs, enhance execution quality and bolster market data capabilities.

Besides, the new offering offers a substantial level of liquidity customization, allowing institutional clients to create custom dark and lit liquidity pools. Also, it supports anonymous, disclosed and semi-disclosed trading over one-to-one, one-to-many and many-to-many connections.

Crossover has closed its seed investment round , with participants including Exness Ltd., Flow Traders, Gate.io, GMO Internet Group, Nomura's Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma and Wintermute Ventures.

Crossover Chief Executive Officer Brandon Mulvihill stated, "We are delighted with the financial backing of global industry leaders in retail brokerage, market making, quantitative trading, banking, and crypto-native firms. Our consortium partners share our vision and have paved the way to create scale and opportunities for other industry participants to join our platform and participate in future rounds."

Damian Bunce, Chief Customer Officer at Exness, said, "The CROSSx ECN applies a tried-and-tested Tradfi liquidity model to the digital assets industry. As a major liquidity provider of crypto assets, we wanted to be an early investor in the project and team."

Ken Nakamura, CEO at GMO Trust, said, "CROSSx provides a highly efficient and dependable execution platform for sophisticated institutional market participants, spanning both traditional finance and digital asset ecosystems. Leveraging GMO Internet Group's robust foundation in both areas, we eagerly anticipate collaborating closely with the Crossover team."