Crossover Markets, BitGo Partner to Boost Institutional Crypto Trading

Crossover Markets has announced a partnership with BitGo Trust Company, Inc., integrating its execution-only crypto ECN, CROSSx, with BitGo's regulated qualified custody services and Go Network clearing solution. The collaboration aims to provide institutional traders with a framework that mitigates counterparty risk while maintaining execution speed and liquidity access in digital asset markets.

The partnership addresses growing institutional demand for secure and efficient crypto trading infrastructure. Brandon Mulvihill, CEO of Crossover Markets, highlighted the challenges faced by institutional clients in the current market structure: "Institutional clients are exhausted with the extraordinarily high fees charged by the captive, vertically integrated exchange models. With $100 billion in custodial assets and 9.3 million+ wallets, BitGo is perfectly suited to address the topic of fungibility, allowing CROSSx to compete for market share based on the merits of our technology, pricing, and ability to eradicate market impact."

BitGo, known for its custody and settlement solutions, will provide a clearing framework that allows traders to buy and sell assets across multiple platforms while facing BitGo as a common counterparty. Mike Belshe, CEO of BitGo, commented, "We are pleased to add CROSSx on Go Network. As we continue to deepen liquidity access to our clientele in a variety of ways, all aimed to compress fees and cost of capital while maintaining the highest standards of security. The addition of Crossover's CROSSx ECN brings unique advantages that will play a critical role in the liquidity mix for our clients."