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May 23, 2023 - Institutional digital asset trading technology firm Crossover Markets Group, has announced a partnership with Hidden Road, the global credit network for institutions. Through this partnership, Hidden Road clients will have streamlined access to CROSSx, Crossover's execution-only crypto electronic communication network (ECN) for the purposes of executing spot cryptocurrency transactions.
Crossover aims to avoid conflicts of interest by decoupling trade execution from custody and brokerage, giving institutions the ability to freely choose their own credit counterparties. Hidden Road is the first partner onboarded and certified with CROSSx to provide prime brokerage services for spot cryptocurrency transactions as institutional adoption of digital assets continues to grow.
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets
"In the non-fungible world of cryptocurrency platforms, Hidden Road has widened trading capacity for institutions by bringing to market fungibility," said Brandon Mulvihill, Co-Founder and CEO of Crossover. "We believe this significant removal of operational friction from the ecosystem will materially increase trading volumes and decrease the costs of trading. In this environment, only the truly elite trading technologies will win, so this collaboration is naturally synergistic for Crossover and our flagship product, CROSSx."
Commenting on the partnership, Hidden Road's Global Head of Business Development Michael Higgins said, "Crossover shares Hidden Road's desire to institutionalize digital asset market structure by removing conflicts of interest, helping to bring transparency and trust back into the ecosystem. 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."
This partnership comes at a time of momentum for Crossover, which recently announced the launch of CROSSx and the firm's seed investment round.
Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the spot and derivative cryptocurrency markets. CROSSx, the company's execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry's fastest and most advanced matching engine and includes order logic that enables clients to choose whom they want to trade with. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering the next big wave of institutions in the crypto market.
