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Crossover Markets connects institutions to 30+ OTC liquidity providers via a new disclosed trading layer, with net settlement through Ripple Prime and BitGo Prime and no upfront fees.
Digital asset trading technology firm Crossover Markets has launched CROSSx Disclosed, a relationship-based trading venue for institutional spot cryptocurrency that connects participants to more than 30 over-the-counter liquidity providers.
The platform, announced on 13 May 2026, allows institutions to build custom liquidity pools by selecting counterparties directly and negotiating spreads, depth and settlement terms. Post-trade integration with prime brokers including Ripple Prime and BitGo Prime enables net settlement of all activity across the platform while preserving direct liquidity management relationships with market makers.
CROSSx Disclosed is built on the existing CROSSx anonymous ECN, which the firm describes as the industry's first execution-only trading venue. The matching engine delivers single-digit microsecond execution and capacity for one million orders per second.
How the commercial model works
The platform charges no upfront fees and carries no monthly minimums. Instead, commissions are calculated across a participant's total activity on the CROSSx ecosystem, covering both disclosed and anonymous trading, maker and taker flow. Key features of CROSSx Disclosed include:
• Global Access: Available in LD4, NY4, and AWS Tokyo, with TY3 joining soon to broaden global reach.
• Commercial Model: Non-SaaS, commission-based, pay-as-you-go pricing, with stablecoin versus fiat commissions waived for all taker participants. Commissions start at 1 bps and scale down to 0.5 bps for higher-volume clients.
• Settlement Options: Flexible settlement through Ripple Prime, BitGo, or bilateral arrangements, providing choice and control for institutions.
• Instrument Coverage: Approximately 200 symbols currently available, with more to be added by request.
• Price Stream Flexibility: Participants can choose aggregated or unaggregated price streams, aligning visibility with their execution strategy.
• Advanced Order Types: CROSSx's customisable Smart Order Matching logic supports pegged, iceberg, dark, flash and post-only orders, alongside market and limit orders with IOC, FOK, DAY and GTC time-in-force options.
• Connectivity: Institutions can connect via FIX API, REST, or GUI, supporting both automated and discretionary trading.
Institutional market makers at launch
The launch roster of liquidity providers includes electronic market-making firm B2C2, global trading firm Flow Traders, electronic trading firm Virtu Financial, algorithmic market maker Da Vinci Trading, and OTC specialist Stelaxis, the OTC spin-off of Alber Blanc.
Brandon Mulvihill, co-founder and chief executive of Crossover Markets, positioned the launch as a direct response to institutional demand for low-latency infrastructure with full ecosystem connectivity.
"CROSSx Disclosed is a natural and complementary evolution of our anonymous marketplace. Demand is sky high for high performing, low latency systems that provide connectivity across the ecosystem. The game changer here is that CROSSx connectivity spans across prime brokers, notably Ripple Prime, where CROSSx Disclosed clients can access 30+ makers while net settling with Ripple Prime, thus materially driving down total costs to trade."
Brandon Mulvihill
Co-Founder and Chief Executive Officer, Crossover Markets
Michael Higgins, international chief executive of Ripple Prime, emphasised the capital efficiency and risk management credentials of the structure.
"CROSSx Disclosed enables institutions to net settle all activity through Ripple Prime while maintaining direct relationships with their market makers, delivering necessary operational flexibility and capital efficiency without new counterparty risk."
Michael Higgins
International Chief Executive Officer, Ripple Prime
Thomas Restout, chief executive of B2C2, highlighted the platform's appeal to institutional participants from a liquidity provider perspective.
"Institutional participants benefit from greater control combined with price transparency, speedy execution, and efficient settlement. CROSSx Disclosed aims to deliver these efficiencies, and B2C2 is contributing to this ecosystem as a core market maker."
Thomas Restout
Chief Executive Officer, B2C2
Michael Lie, global head of digital assets at Flow Traders, framed the launch in the context of broader digital asset market structure evolution.
"Market structure in digital assets is moving toward a more continuous, connected and institutionally aligned model. CROSSx Disclosed supports this shift by combining high-performance execution with direct access to multiple liquidity providers and efficient post-trade integration."
Michael Lie
Global Head of Digital Assets, Flow Traders
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