Crossover Markets expands to US
Crossover Markets, the institutional digital asset trading technology firm, today announced that it has expanded its global footprint to support U.S.-domiciled institutions, enabling them to trade select spot cryptocurrencies on its CROSSx ECN.
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The move marks a major milestone as Crossover serves as a gateway between the worlds of traditional finance and digital assets on a global scale. The expansion is supported by the firm's prime brokerage partners, Hidden Road upon completion of its acquisition by Ripple and BitGo, bringing fungibility and liquidity across multiple trading venues.
Crossover has made a strategic expansion into the U.S. in response to growing institutional demand for digital assets fueled by increasing regulatory clarity in the U.S. Crossover is currently onboarding the U.S. entities of multiple leading market makers, hedge funds, asset managers, ETF providers and retail brokers, and is expected to be operational by the end of Q3 2025.
To support the expansion into the U.S., CROSSx is now accessible via NY4, bolstering its existing infrastructure in LD4 (London) and AWS Tokyo to create a globally distributed network for institutional digital asset trading, marking a significant milestone in the firm's mission to bridge traditional finance expertise with the evolving digital asset ecosystem.
"We have reached a tipping point where institutional investors have more opportunities in the U.S. market for digital assets, and as a result, we are now seeing institutional cryptocurrency trading begin to scale," said Brandon Mulvihill, Co-Founder & CEO of Crossover Markets. "Participants in the U.S. have been stifled by excessive fees from the captive, vertically-integrated nature of the crypto exchange business models that were prevalent historically. With multiple tier-one banks now launching custody offerings similar to what they offer in other asset classes, institutions now have the freedom to custody with one firm and can trade freely across the proverbial 'Street.' As the world's first execution-only crypto venue, Crossover has positioned its CROSSx ECN to be the platform of choice within the model's trade execution platform."
By enabling U.S.-domiciled entities to access the high-performance, execution-only trading venue that Crossover already provides to many institutional clients outside the U.S., the firm is providing an entrance for the institutional trading community to interact with the crypto markets in the same way they do with more mature asset classes. The fungibility enabled by Crossover's credit intermediaries, which allows clients to seamlessly buy cryptocurrencies on one venue and sell them on another, is a hallmark of traditional finance that dramatically reduces settlement risk and increases capital efficiency.
While Crossover's execution-only model and high-performance technology remain unique in the crypto space, it is familiar to institutional investors.
"A market structure whereby an anonymous ECN like CROSSx is supported by Hidden Road is already widely understood by capital markets participants operating in traditional asset classes, and is likely the reason for increased interest in the execution-only model," said Noel Kimmel, President of Hidden Road. "We're excited to see our longtime partner continue to grow, which shares our commitment to institutionalizing the digital asset market structure, and we look forward to jointly servicing Hidden Road's existing FX and Fixed Income clients who are seeking to expand into digital assets."
Crossover also announced that its Co-Founder & CCO Anthony Mazzarese, who has led the firm's London office since he opened it two years ago, has relocated to the U.S. to support the firm's expansion.
"For multiple reasons, the United States has suddenly become the center of the crypto universe, and the demand we are seeing from institutions across the spectrum here is staggering," said Mr. Mazzarese. "We are actively building out our corporate infrastructure to meet this demand, and look forward to working with these clients to bring them the institutional-grade technology and service level they require."
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