Institutional digital asset trading technology firm Crossover Markets today announced the official launch of CROSSx Disclosed.

Through Disclosed, CROSSx provides institutional participants the flexibility to build custom liquidity pools by selecting from more than 30 OTC liquidity providers. Institutions can leverage CROSSx’s API adapters to connect directly with these counterparties and negotiate spreads, depth, and settlement terms.

Additionally, participants can leverage post trade integrations between CROSSx and prime brokers such as Ripple Prime and BitGo Prime to net settle all activity across the platform while maintaining direct, liquidity management relationships with market makers.

CROSSx Disclosed also delivers low cost trading with a dynamic rate card built off the success of CROSSx anonymous trading. CROSSx Disclosed charges zero up-front fees and does not assess monthly minimums. Instead, participants on CROSSx tally their volumes across the entire ecosystem, be it disclosed, undisclosed, maker, or taker, and benefit in fee reductions based on total activity.

“CROSSx Disclosed is a natural and complementary evolution of our anonymous marketplace,” said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. “Demand is sky high for high performing, low latency systems that provide connectivity across the ecosystem, and CROSSx delivers this in spades, with single digit microsecond matching and the ability to execute 1 million orders per second. The game changer here is that CROSSx connectivity spans across prime brokers, notably Ripple Prime where CROSSx Disclosed clients can access 30+ makers while net settling with Ripple Prime, thus materially driving down total costs to trade.”

Built on the success of CROSSx, CROSSx Disclosed aims to deliver the world’s most robust order routing functionality, which measures liquidity providers’ real time behavioral characteristics such as fill ratios, response times, and market impact. Where CROSSx Anonymous brought to market a best-in-class venue in mitigating market impact, CROSSx Disclosed aims to deliver best-in-class price discovery with the majority of liquidity providers cross connected to CROSSx in Equinix LD4, Equinix NY4, or AWS Tokyo. CROSSx Anonymous and Disclosed are supported by Crossover’s primary prime broker Ripple Prime.

Key features of CROSSx Disclosed include:

• Global Access: Available in LD4, NY4, and AWS Tokyo, with TY3 joining soon to broaden global reach.
• Commercial Model: Non-SaaS, commission-based, pay-as-you-go model, with stablecoin versus fiat commissions waived for all taker participants. Commissions start at 1 bps and scale down to 0.5 bps for higher volume clients.
• Settlement Options: Flexible settlement through Ripple Prime, BitGo, or Bilateral, providing choice and control for institutions.
• Instrument Coverage: Approximately 200 symbols are currently available with more to be added by request.
• Price Stream Flexibility: Participants can choose aggregated or unaggregated price streams, aligning visibility with their execution strategy.
• Advanced Order Types: Users benefit from CROSSx’s customizable Smart Order Matching logic in addition to a suite of advanced order types such as pegged, iceberg, dark, flash and post-only, in addition to Market and Limit with IOC, FOK, DAY and GTC – Time in Force.
• Connectivity: Institutions can connect seamlessly via FIX API, REST, or GUI, supporting both automated and discretionary trading.