As part of the deal, GCEX has become the latest venue participant on Crossover’s execution-only crypto electronic communication network (ECN), CROSSx ECN.

GCEX will provide access to its brokerage and liquidity services for spot trading. GCEX clients will gain access to the liquidity pool.

 “With the increasing demand for digital assets, we are delighted to be partnering with Crossover, providing even greater opportunities for our institutional clients to access deep liquidity in digital assets,” said Lars Holst, founder and CEO at GCEX.

Crossover’s ECN platform has seen several developments over the last year. It became the first external venue cleared by Cboe Digital. Hidden Road also became the first clearing partner onboarded to CROSSx, announced in May 2023.

“We are excited to welcome GCEX to the CROSSx ECN as our newest venue participant,” said Anthony Mazzarese, co-founder and chief commercial officer at Crossover Markets.

“Crossover’s focus on speed, throughput and operational efficiency will help GCEX achieve tighter spreads and a lower cost to trade across their client base of institutional and professional investors, and this partnership will further enhance spot crypto liquidity.”

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Crossover’s flagship product, CROSSx, has become the first external technology venue to provide connectivity to Cboe Digital.

Launched in March, CROSSx is Cossover’s execution-only cryptocurrency electronic communication network (ECN). The network has been backed by US-based hedge fund Two Sigma and Nomura.

CROSSx provides institutional and intermediary clients a technology platform to execute spot cryptocurrencies, which complements Cboe Digital’s native exchange. Cboe Digital’s clearing arm, Cboe Clear Digital, is a traditionally structured central counterparty for clearing and settlement. 

“The explosion of institutional trading volumes in the cryptocurrency market will not happen until fungibility is widespread,” Brandon Mulvihill, co-founder and chief executive of Crossover, told the TRADE. 

“Fortunately, Cboe Digital is among the pioneers in offering a clearing solution that addresses fungibility and allows institutions to trade on CROSSx while facing Cboe Digital as their credit counterparty. The announcement of this partnership is a hallmark day for the industry.”

Coinciding with this new relationship with a US-based clearing broker, Crossover’s data centre footprint will expand to Equinix’s NY4, building upon its existing presence in Equinix’s LD4 for international counterparties.

Production serves onshore is expected to avoid needless latency in execution, offering an enhanced experience for Cboe Digital and Crossover clients.

“We are pleased to provide a US regulated clearing solution to Crossover’s clients,” said John Palmer, president of Cboe Digital. 

“Cboe Digital’s clearinghouse supports multiple digital asset execution platforms including crypto spot and futures, which provides operational, technical, and collateral efficiencies to its members. We look forward to supporting Crossover’s clients in innovative ways as the digital asset market evolves.”

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CROSSx is Cossover’s execution-only cryptocurrency electronic communication network (ECN) which was launched in March, designed to decrease trading costs, improve execution quality and enhance market data capabilities. 

Crossover aims to reduce conflicts of interest by decoupling trade execution from custody and brokerage, enabling institutions to their own credit counterparties freely.

Hidden Road is the first partner onboarded and certified with CROSSx to offer prime brokerage services for spot cryptocurrency transactions in a time where institutional adoption of digital assets continues to expand.

“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 chief executive 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.”

Crossover and Hidden Road’s partnership follows a recent seed investment round, which saw involvement from firms including Flow Traders, Nomura’s Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma and Wintermute Ventures.

“Crossover shares Hidden Road’s desire to institutionalise digital asset market structure by removing conflicts of interest, helping to bring transparency and trust back into the ecosystem,” said Michael Higgins, global head of business development at Hidden Road.

“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.”

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