Crossover Markets Opens Up Clients to Cboe’s Crypto Clearing Solution

Crossover
Markets Group, the digital asset marketplace launched last year by two former Jefferies
executives, has secured the partnership of Cboe Digital, the subsidiary of Cboe
Global Markets that provides regulated trading and clearing services for
cryptocurrencies.

Crossover
Markets announced the collaboration today (Thursday), explaining that the deal will
provide it with access to Cboe Digital’s clearing solutions for trades
conducted on multiple digital asset execution platforms. The firm added that
the deal makes it the first external technology venue to provide connectivity
to Cboe Digital.

According
to Crossover Markets, CROSSx, the company’s execution-only cryptocurrency
electronic communication network (ECN) launched earlier this
year, will
complement Cboe Digital’s native exchange. Brandon Mulvihill, Co-Founder and
CEO of Crossover, further described integration with Cboe Digital’s
infrastructure as a “natural fit for CROSSx”.

CROSSx
claims to decrease trading costs, improve execution quality and enhance market
data capabilities. The platform also enables institutions to choose their own
credit counterparties to decouple trade execution from custody and brokerage,
thus avoiding any conflict of interest, Finance Magnates reported.

“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,” Mulvihill added.

Also
speaking, John Palmer, President of Cboe Digital, expressed delight in the
partnership. “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,” Palmer stated.

To support
the deal, Crossover Markets plans to add interconnection company, Equinex’s NY4
data centre to its existing LD4 server.

“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,” the digital asset trading technology firm added.

Meanwhile,
Crossover Markets in May onboarded Hidden Road to provide cryptocurrency trading
opportunities to the prime brokerage’s customers. Hidden Road’s clients got
access to CROSSx through the partnership.

Acuity unveils ‘NewsIQ’; Spectrum Markets appoints compliance head; read today’s news nuggets.

Crossover
Markets Group, the digital asset marketplace launched last year by two former Jefferies
executives, has secured the partnership of Cboe Digital, the subsidiary of Cboe
Global Markets that provides regulated trading and clearing services for
cryptocurrencies.

Crossover
Markets announced the collaboration today (Thursday), explaining that the deal will
provide it with access to Cboe Digital’s clearing solutions for trades
conducted on multiple digital asset execution platforms. The firm added that
the deal makes it the first external technology venue to provide connectivity
to Cboe Digital.

According
to Crossover Markets, CROSSx, the company’s execution-only cryptocurrency
electronic communication network (ECN) launched earlier this
year, will
complement Cboe Digital’s native exchange. Brandon Mulvihill, Co-Founder and
CEO of Crossover, further described integration with Cboe Digital’s
infrastructure as a “natural fit for CROSSx”.

CROSSx
claims to decrease trading costs, improve execution quality and enhance market
data capabilities. The platform also enables institutions to choose their own
credit counterparties to decouple trade execution from custody and brokerage,
thus avoiding any conflict of interest, Finance Magnates reported.

“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,” Mulvihill added.

Also
speaking, John Palmer, President of Cboe Digital, expressed delight in the
partnership. “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,” Palmer stated.

To support
the deal, Crossover Markets plans to add interconnection company, Equinex’s NY4
data centre to its existing LD4 server.

“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,” the digital asset trading technology firm added.

Meanwhile,
Crossover Markets in May onboarded Hidden Road to provide cryptocurrency trading
opportunities to the prime brokerage’s customers. Hidden Road’s clients got
access to CROSSx through the partnership.

Acuity unveils ‘NewsIQ’; Spectrum Markets appoints compliance head; read today’s news nuggets.