Crossover Markets Launches CROSSx ECN For U.S. Institutions Amid Regulatory Shift

Crossover Markets, the institutional digital asset trading technology firm, has announced its expansion into the United States, opening access for U.S.-domiciled institutions to trade select spot cryptocurrencies via its CROSSx electronic communication network (ECN). The move comes as institutional demand for digital assets grows, fuelled by what the company sees as increasing regulatory clarity in the U.S.

Brandon Mulvihill, Co-Founder & CEO
 

Anthony Mazzarese, Co-Founder & Chief Commercial Officer 

Founded in 2022 by foreign exchange veterans, including Brandon Mulvihill, Co-Founder & CEO, and Anthony Mazzarese, Co-Founder & Chief Commercial Officer, Crossover Markets has until now focused its operations outside the U.S., citing regulatory uncertainty. The firm’s CROSSx ECN, already available in London (LD4) and Tokyo (AWS), is now accessible via NY4, creating a globally distributed network for institutional digital asset trading.

The U.S. expansion is supported by prime brokerage partners Hidden Road and BitGo, enabling fungibility and liquidity across multiple trading venues. Crossover is currently onboarding U.S. entities of leading market makers, hedge funds, asset managers, ETF providers, and retail brokers, with operations expected to be live by the end of Q3 2025.
 

Brandon Mulvihill, Co-Founder & CEO, commented, “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. 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.”
 

The CROSSx platform is designed to mirror the ECN model popular in foreign exchange markets, offering anonymous execution, deep liquidity, and tight spreads. The separation of trade execution from custody is a feature intended to address counterparty risk concerns that have been prominent since the collapse of several centralised crypto platforms. The platform’s credit intermediaries allow clients to buy cryptocurrencies on one venue and sell them on another, a structure that reduces settlement risk and increases capital efficiency.

Noel Kimmel, President of Hidden Road
 

Noel Kimmel, President of Hidden Road, said, “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. We’re excited to see our longtime partner continue to grow, which shares our commitment to institutionalising 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.”
 

As part of the U.S. expansion, Anthony Mazzarese, Co-Founder & CCO, who has led the London office for the past two years, has relocated to the U.S. to support the firm’s growth. “For multiple reasons, the United States has suddenly become the centre 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.”
 

Crossover Markets reported $13.5 billion in trading volume last year and raised $12 million in a Series A round in June 2024 to support its expansion. The firm’s leadership, with backgrounds in FX trading, prime brokerage technology, and artificial intelligence, is aiming to bring traditional finance expertise to the evolving digital asset ecosystem.