Crossover Markets Group, the digital asset marketplace launched last year by two former Jefferies executives, has secured the partnership of Cboe Digital, the subsidiary of Cboe Global Markets that provides regulated trading and clearing services for cryptocurrencies.

‘A Natural Fit for CROSSx’

Crossover Markets announced the collaboration today (Thursday), explaining that the deal will provide it with access to Cboe Digital’s clearing solutions for trades conducted on multiple digital asset execution platforms. The firm added that the deal makes it the first external technology venue to provide connectivity to Cboe Digital.

According to Crossover Markets, CROSSx, the company’s execution-only cryptocurrency electronic communication network (ECN) launched earlier this year, will complement Cboe Digital’s native exchange. Brandon Mulvihill, the Co-Founder and CEO of Crossover, further described the integration with Cboe Digital’s infrastructure as a “natural fit for CROSSx.”

CROSSx claims to decrease trading costs, improve execution quality and enhance market data capabilities. The platform also enables institutions to choose their own credit counterparties to decouple trade execution from custody and brokerage, thus avoiding any conflict of interest, Finance Magnates reported.

“Institutional market structure in crypto is being reset. The collaboration of Cboe Digital’s world-class infrastructure and CROSSx, a first-of-its-kind, ultra-low latency ECN is groundbreaking,” Mulvihill added.

John Palmer, the President of Cboe Digital, expressed delight in the partnership and stated: “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.”

To support the deal, Crossover Markets plans to add interconnection company, Equinex’s NY4 data centre to its existing LD4 server.

“The onshore presence of production servers is expected to avoid unnecessary latency in execution, helping to ensure an enhanced experience for Cboe Digital and Crossover clients,” the digital asset trading technology firm added.

Meanwhile, Crossover Markets in May onboarded Hidden Road to provide cryptocurrency trading opportunities to the prime brokerage’s customers. Hidden Road’s clients got access to CROSSx through the partnership.

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