Brandon Mulvihill and Anthony Mazzarese, former Jefferies Financial Group Inc. executives, launched Crossover Markets Group Inc., a crypto exchange for institutional traders.
The pair teamed up with Vlad Rysin, a former executive at Euronext FX (CTO) for the new crypto exchange. A funding round is expected in late summer or early fall.
Institutional appetite for cryptocurrencies has been on the rise since 2020. Professional investors have traded over $1 trillion of cryptocurrencies on Coinbase. In 2020, the volumes were below $130 billion.
Mulvihill said the following in a statement: "While the vast majority of traditional institutional clients are not yet in crypto, we believe this is rapidly changing.
“As the market matures, so should the technological advancements of the exchanges.”
Crossover Markets Group
Crossover Markets is offering technological solutions to increase the speed of trading cryptocurrencies via lower latency. Mazzarese shed some light on the importance of latency in crypto trading.
“There seems to be a notion that latency doesn’t matter when it comes to trading crypto. We disagree. We polled our network of institutional relationships globally, and one of the biggest and most common requirements was reliable 24/7 technology with the same service levels and customization features they are accustomed to in other markets such as FX or equities.
"This is exactly what Crossover Markets will provide.”
Rysin, who was also the former Head of Core Electronic Trading at Credit Suisse Group AG said: "While it is still very early for institutional clients joining crypto, we are building our exchange for the future and are excited to become a primary venue for digital assets."
