Amid more friendly crypto regulations in the US, Crossover Markets, the crypto asset trading technology firm, is preparing to launch its services for the US clients for the first time, the company announced in a post on X.

Founded in 2022 by foreign exchange veterans Brandon Mulvihill, Anthony Mazzarese, and Vladislav Rysin, the London-based company has so far focused its operations outside the US.

However, Trump’s return to the White House and his promises to support the crypto sector through friendlier regulation have altered the firm’s calculus. CEO Mulvihill said the team began laying the groundwork for a US launch following Trump’s election victory.

CROSSx Model Brings FX Infrastructure to Crypto

Crossover’s platform, CROSSx, mirrors the electronic communication network (ECN) model popular in foreign exchange markets. The setup offers anonymous execution, deep liquidity, and tight spreads, characteristics often missing from retail-heavy crypto venues.

For institutional investors, the added appeal lies in its separation of trade execution from custody, addressing counterparty risk concerns that have dogged the industry since the collapse of several centralized platforms.

The platform promises low-latency execution and customizable liquidity pools, two features designed to appeal to professional trading firms accustomed to fast, flexible environments.

Rising Volumes and Strong Institutional Appetite

The firm reported $13.5 billion in notional trading volume last year and says momentum is accelerating, Bloomberg reported. In June 2024, Crossover raised $12 million in a Series A round led by Illuminate Financial and DRW Venture Capital. That infusion helped scale operations and prepare for market expansion.

Now, with institutional interest climbing, the firm is reportedly considering a new fundraising round to meet demand. Crossover is not alone in its pivot toward the US market.

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Trump’s pro-industry posture has reignited interest among global crypto firms that had previously avoided the country due to regulatory hostility under the Biden administration and former SEC Chair Gary Gensler.

"Our growth is also driving continued increases in the percentages of trades that are 'Order Crossing Order' (OXO), "Mulvihill 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."

Crossover Markets continues to expand its reach for the cryptocurrency electronic communication network (ECN), CROSSx. Last year, the company onboarded Talos, a provider of institutional technology for trading digital assets.

GCEX Group also tapped CROSSx for an institutional-grade electronic communication network to boost its offerings for professional investors seeking access to deeper liquidity and tighter spreads in spot crypto markets.

Source: Finance Magnates