Crossover Markets Group, established last year by two former Jefferies executives, announced on Tuesday the launch of CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN).
The launch came after Crossover Markets received a seed investment of an undisclosed amount from a consortium of market participants, a majority of which are traditional financial services companies. The backers include major names in the forex and contracts for differences (CFDs) retail brokerage space, including Exness, Pepperstone, Think Markets, and TMGM. Flow Traders, Gate.io, GMO Internet Group, Nomura’s Laser Digital, Two Sigma, and Wintermute Ventures are other names.
“We are delighted with the financial backing of global industry leaders in retail brokerage, market making, quantitative trading , banking, and crypto-native firms,” said Crossover’s CEO, Brandon Mulvihill. “Our consortium partners share our vision and have paved the way to create scale and opportunities for other industry participants to join our platform and participate in future rounds.”
Mulvihill co-founded Crossover with Anthony Mazzarese, who is holding the role of a Chief Commercial Officer. Both of them were former executives at the Prime Brokerage division of Jefferies.
A Crypto ECN
CROSSx is a uniquely positioned product for cryptocurrency. While ECNs are very popular in the forex trading
