Markets
Crossover Markets, a cryptocurrency execution platform, raises $12 million
Crossover Markets, a lightning-fast trading platform just for cryptocurrencies, has raised a $12 million Series A round led by Illuminate Financial and DRW Venture Capital.
Crypto trading is evolving in such a way that it can cater to both players who want the simplicity of a vertically integrated model, as well as institutions higher up the ladder who want to choose their custodian or expect to a choice of places and rewards. are allowed to trade with.
Crossover Markets, which took place last month in partnership with main broker Hidden Roadis flying the flag as one of the only ultra-low latency electronic communications networks (ECNs) in crypto, according to the company’s CEO, Brandon Mulvihill.
Unlike an ECN model, crypto exchanges use a central limit order book execution model, meaning that it doesn’t matter if the exchange has one customer or a million customers, there is only a single liquidity pool and a single market data session, Mulvihill. said.
“If we integrate 50 liquidity takers, we can have up to 50 independent market data sessions and 50 liquidity pools,” Mulvihill said in an interview. “Our model provides value to both the maker and the taker, and this is reflected in our pricing structure. We charge one basis point to the manufacturer and one basis point to the lessee.
Crossover Markets processed more than $3.15 billion in notional trade value in the first quarter of this year, the company said in a press release.
Illuminate Financial founder Mark Beeston will join Crossover’s board of directors. Existing investors include Flow Traders, Laser Digital, Two Sigma, Wintermute, as well as retail brokers such as Exness, Porte.ioGMO, Pepperstone, Trademax and Think Markets.