Digital asset trading company Crossover Markets Group, Inc. has partnered with global credit provider Hidden Road to facilitate and enhance spot cryptocurrency transactions with a streamlined process. Through this collaboration, Hidden Road clients will gain seamless access to CROSSx, an execution-only crypto electronic communication network (ECN) offered by Crossover.
According to the announcement, Crossover’s goal with the partnership is to eliminate conflicts of interest by separating trade execution from custody and brokerage services. This approach is expected to ensure a more transparent and efficient trading process as it empowers institutions to choose their preferred credit counterparties independently.
Brandon Mulvihill, Co-Founder and CEO of Crossover, believes that by reducing operational obstacles, trading volumes will increase while trading costs decrease. Mulvihill emphasized that in a competitive landscape, only the most exceptional trading technologies will succeed, making the partnership between Crossover and their flagship product, CROSSx, a natural fit.
Mulvihill stated:
“In the non-fungible world of cryptocurrency platforms, Hidden Road has widened trading capacity for institutions by bringing to market fungibility.”
Hidden Road is the first partner to collaborate with Crossover to leverage its CROSSx. It has obtained certification to deliver prime brokerage services tailored exclusively for spot cryptocurrency transactions.
Michael Higgins, Global Head of Business Development at Hidden Road, noted that Crossover shares Hidden Road’s vision to establish a structured digital asset market that eliminates conflicts of interest, fostering transparency and restoring trust within the ecosystem.
Higgins stated:
“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 Markets Group has been making significant progress recently. In addition to launching the CROSSx platform, the company completed its initial round of seed investments on March 21, 2023. The funding round included prominent market participants from both traditional finance and digital assets, such as Exness Ltd., Flow Traders, Gate.io, GMO Internet Group, Nomura’s Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma, and Wintermute Ventures.
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