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Crossover Markets has reported record trading performance for October, with its CROSSx platform matching $4.96 billion in notional trading volume and 1.39 million trades throughout the month.
The institutional digital asset trading technology firm, announced on 5 November 2025, now has nearly 100 participants live on CROSSx, with over 1,200 independent FIX sessions in production.
CROSSx is an execution-only trading venue that operates as an electronic communication network (ECN). The platform operates 24/7 and posted 100% uptime in October. CROSSx is hosted in bare metal in Equinix LD4 and Equinix NY4, with Equinix TY3 expected to launch in Q1 2026.
The platform's matching engine processes trades in single-digit microseconds.
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, said:
"The market events that unfolded on Friday, October 10th highlighted the risks of mixing credit and settlement with liquidity provisioning. We are extremely proud of the fact that we continue to win market share based on our technical capacity and operating model. Rather than through means of holding clients captive or standing as a counterparty to trades, our operating model positions us for success in all market conditions through technology that works to eradicate market impact and reduce spreads."
Crossover recently launched CROSSx 2.0, which introduced new order types, enhanced performance in order routing, and an architectural framework to perform system releases mid-week without disruption. Participants now have access to post-only, iceberg, and peg-to-mid order types, with the capacity for bespoke order types based on client demand.
The system upgrade coincides with Crossover's geographical expansion, including its recent entry into the United States market.
Mulvihill added:
"As we continue to expand our global reach, the entry of CROSSx into the United States complements our current presence in Europe. Our planned expansion into bare metal in Asia next year will position us to implement artificial intelligence into our current order routing practice, allowing us to network the industry's first, truly global liquidity pool."
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