Institutional crypto platform CrossTower adds LedgerPrime as LP
CrossTower, a new Jersey City, NJ based cryptocurrency trading platform founded by capital markets veterans and aimed at institutional traders, has announced that quantitative crypto hedge fund LedgerPrime will become a new client and liquidity provider.
We had recently reported that CrossTower raised a $6 million seed funding round was led by Gerard Lopez, founder and CEO of several prominent start-up ventures and tech security companies, an early investor in Skype and one of the top technology investors in Europe.
New York-based LedgerPrime, one of the most active crypto hedge funds, trades significant volumes of crypto assets on several leading derivatives and spot exchanges. Founded in 2017, privately held LedgerPrime offers digital asset portfolio management, trading, investment research and data.
“The addition of LedgerPrime as a client enables us to continue improving our spreads and trading volumes following our May launch,” said CrossTower Co-Founder and President Kristin Boggiano. “We’re well-aligned with LedgerPrime to support the growth of these markets by providing a high-caliber onramp for both institutional and retail traders.”
LedgerPrime said that it turned to CrossTower for its rigorous regulatory safeguards and robust technological infrastructure that hedge funds and active traders require. LedgerPrime Chief Investment Officer Shiliang Tang expects a significant pick up in interest from US institutional investors in the digital asset markets this year will continue to increase in the second half of the year, and will be supportive of Bitcoin prices in the medium to long term.
“Naturally, regulated exchanges like CrossTower will play an important role in facilitating this inflow of capital,” Tang explained. “We were also attracted to CrossTower’s innovative inverted maker-taker pricing model, which we see as a crypto industry first.”
CrossTower supports crypto-to-crypto trading in the nine most widely traded currencies: Bitcoin, Ether, LiteCoin, USDC, Bitcoin Cash, XRP, Stellar, Chainlink, Basic Attention Token and ZCash.