Crossover Markets Reveal Partnership With Hidden Road To Enable Crypto Trading

Updated: 23 May 2023

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The Crossover Markets Group, a digital asset trading technology startup focused on serving the particular liquidity needs of institutions in cryptocurrency markets, has revealed a partnership with Hidden Road, a worldwide credit network for institutions.

Crossover is excited to announce our partnership with Hidden Road. Through this partnership, Hidden Road clients will have streamlined access to CROSSx, Crossover’s execution-only crypto electronic communication network (ECN) for the purposes of executing spot cryptocurrency… pic.twitter.com/gGrkbVSIuQ

— Crossover Markets (@crossover_mkts) May 23, 2023

Through collaboration to execute spot cryptocurrency transactions, the Hidden Road customers will gain expedited access to CROSSx, Crossover’s execution-only crypto electronic communication network (ECN).

However, CROSSx is driven by the most potent matching engine in the ecosystem. Notably, it incorporates order logic that enables customers to choose who they want to trade with. Clients must have a credit sponsor to trade on Crossover’s execution-only platform. Unlike centralized exchanges, customers cannot establish an account and transfer funds. This is because there is no settlement or exchange option, just execution.

Crossover seeks to avoid conflicts of interest by decoupling trade execution from custody and brokerage. This is by allowing institutions to choose their credit counterparties freely. Significantly, Hidden Road is the first partner onboarded and accredited with CROSSx to provide prime brokerage services for spot cryptocurrency transactions as institutional adoption of digital assets grows.

Crypto enthusiast’s remarks on the collaboration

Nonetheless, Brandon Mulvihill, the Co-Founder and CEO of Crossover, has stipulated that:

In the non-fungible world of cryptocurrency platforms, Hidden Road has widened trading capacity for institutions by bringing to market fungibility. This significant removal of operational friction from the ecosystem will materially increase trading volumes and decrease trading costs. Only the genuinely elite trading technologies will win in this environment, so this collaboration is naturally synergistic for Crossover and our flagship product, CROSSx.

On the other hand, Hidden Road’s Global Head of Business Development, Michael Higgins, has given his remarks concerning the partnership. Higgins has said, “Crossover shares Hidden Road’s desire to institutionalize digital asset market structure by removing conflicts of interest, helping to bring transparency and trust back into the ecosystem. Their unbundled approach to execution fits well with Hidden Road’s partner- and technology-agnostic philosophy, and we are excited to add them to the credit network.

Crossover reveals the launch of the firm’s seed investment round.

Crossover’s partnership comes at a time of momentum, where it recently revealed the launch of CROSSx and the firm’s seed investment round. A consortium of leading market participants in traditional finance and digital assets funded the firm’s seed investment round. Some investors include Exness Ltd., Flow Traders, Gate.io, GMO Internet Group, Nomura’s Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma and Wintermute Ventures.

Noteworthy, Crossover’s unique model leverages best practices and order logic from the equities and FX markets, seeking to deliver unprecedented efficiencies. With sub-20 microsecond matching engine latency and throughput of millions of messages per second, CROSSx is positioned to be faster than typical crypto exchanges, providing clients access to the fastest pricing and trade executions.

Additionally, CROSSx provides a substantial level of liquidity customization. Adding to the venue’s flexibility to meet client needs, it supports anonymous, disclosed and semi-disclosed trading over one-to-one, one-to-many and many-to-many connections. Furthermore, fees for trading on CROSSx are among the lowest in the industry.

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