Crossover Markets Group announced today (Thursday) that its execution-only cryptocurrency Electronic Communication Network (ECN), CROSSx, handled more than $3.15 billion in trading volume in the first three months of 2024.

Solid Quarterly Numbers

The crypto ECN platform executed 415,450 trades and processed over 141 billion quotes between January and March, according to the official numbers.

“Our growth is also driving continued increases in the percentages of trades that are 'Order Crossing Order' (OXO),” Brandon Mulvihill, the Co-Founder and CEO of Crossover Markets, said.

“Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform's capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”

The Need for a Crypto ECN

Crossover was established in 2022 by two former Jefferies executives, Mulvihill and Anthony Mazzarese. While Mulvihill is steering the company as the CEO, Mazzarese, is holding the role of Chief Commercial Officer. The duo also received investment from a number of big brokerage brands, including Exness, Pepperstone, Think Markets, TMGM, and Flow Traders.

The company launched CROSSx last year with promises to decrease trading costs, improve execution quality, and enhance market data capabilities. According to the company, CROSSx's matching engine has a sub-20 microsecond latency and a throughput of millions of messages per second, assuring faster pricing and trade executions.

According to the official numbers, in 75 percent of the trades, the time to match a trade and report the acknowledgment of the trade execution to relevant parties was below 7μsec, while it was below 10μsec for 99 percent of the trades. Further, 75 percent of the orders took below 8μsec to be represented in the market data, while 99 percent took below 11μsec.

“CROSSx's hybrid ECN model allows quote-driven OTC market makers to stream liquidity into our order book alongside makers and takers who are posting both passive and aggressive orders for OXO matching,” Mazzarese explained.

He further pointed out that the crypto ECN’s capability to support both quote-driven and order-to-order matching on a single venue and in a single trading session is unique in the market and “enables takers to interact with market makers' quotes or cross with another taker while trading inside makers' spreads, ultimately achieving the best possible price.”

“This pricing power is driving more trading activity,” Mazzarese added.