Crossover Markets Launches CROSSx Disclosed for Institutional Crypto Trading

Crossover Markets, an institutional digital asset trading technology firm, has officially launched CROSSx Disclosed. The new service enables institutional participants to build custom liquidity pools by selecting from over 30 over-the-counter liquidity providers. Institutions can use API adapters to connect directly with these counterparties to negotiate spreads, depth, and settlement terms.

The platform also offers post-trade integration with prime brokers like Ripple Prime and BitGo Prime, allowing for net settlement of all platform activity while maintaining direct relationships with liquidity providers. CROSSx Disclosed employs a dynamic, low-cost pricing model with no upfront fees or monthly minimums, instead offering volume-based fee reductions across a user's entire activity on the CROSSx ecosystem.

Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, stated that CROSSx Disclosed is a complementary evolution of the firm's anonymous marketplace. He highlighted the platform's high performance, low latency, and connectivity, including single-digit microsecond matching and a capacity for one million orders per second. A key advantage is connectivity across prime brokers, allowing clients to access more than 30 market makers while net settling with Ripple Prime to reduce overall trading costs.

Building on its existing platform, CROSSx Disclosed aims to provide robust order routing that analyzes liquidity providers' real-time behavior. While CROSSx Anonymous focuses on mitigating market impact, the disclosed venue aims to offer superior price discovery, with most liquidity providers cross-connected in major global data centers. Both platforms are supported by primary prime broker Ripple Prime.

Key features of CROSSx Disclosed include global access in LD4, NY4, and AWS Tokyo, with TY3 coming soon; a commission-based, pay-as-you-go commercial model starting at 1 basis point; flexible settlement options; coverage of approximately 200 trading symbols; flexible price streams; advanced order types; and connectivity via FIX API, REST, or GUI.