Crypto trading technology provider Crossover Markets has announced that it has joined forces with Cboe Digital, a U.S. regulated exchange and real-time clearinghouse for spot cryptocurrencies and futures. This collaboration offers a clearing solution for trades across multiple digital asset execution platforms.

Crossover unbundles execution from clearing, custody and brokerage, avoiding conflicts of interest and the captive nature of all-in-one providers. Crossover’s flagship product, CROSSx, offers institutional and intermediary clients a dynamic technology platform to execute spot cryptocurrencies, complementing Cboe Digital’s native exchange. Cboe Digital Exchange’s clearing arm, Cboe Clear Digital, is a traditionally structured central counterparty for clearing and settlement.

Brandon Mulvihill, Co-Founder and CEO of Crossover said:

“Institutional market structure in crypto is being reset. The collaboration of Cboe Digital’s world-class infrastructure and CROSSx, a first-of-its-kind, ultra-low latency ECN is groundbreaking. Cboe Digital promotes competition in trade execution, which may help to reduce trading fees. This collaboration is a natural fit for CROSSx, and we are proud to be the first external technology venue to provide connectivity to Cboe Digital.”

John Palmer, President of Cboe Digital added:

“We are pleased to provide a U.S. regulated clearing solution to Crossover’s clients. Cboe Digital’s clearinghouse supports multiple digital asset execution platforms including crypto spot and futures, which provides operational, technical, and collateral efficiencies to its members. We look forward to supporting Crossover’s clients in innovative ways as the digital asset market evolves.”

To complement this relationship with a US-based clearing broker, Crossover is expanding its data center footprint to Equinix’s NY4, adding to its existing presence in Equinix’s LD4 for international counterparties. The onshore presence of production servers is expected to avoid unnecessary latency in execution, helping to ensure an enhanced experience for Cboe Digital and Crossover clients.

About Crossover Markets

Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. Crossover was started by former FXCM/Jefferies prime brokerage heads Brandon Mulvihill and Anthony Mazzarese, as was exclusively reported here at FNG last year. The company and CROSSx are backed by a number of leading players in the FX and CFDs brokerage trading world including Exness, GMO and Pepperstone. CROSSx, the company’s execution only cryptocurrency Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes order logic that enables clients to choose whom they want to trade with.