Digital asset trading technology firm Crossover Markets Group has partnered with global credit network Hidden Road to offer clients the ability to execute spot cryptocurrency transactions through CROSSx.
CROSSx is Cossover's execution-only cryptocurrency electronic communication network (ECN) that launched in March, designed to reduce trading costs, improve execution quality, and enhance market data capabilities.
Crossover aims to reduce conflicts of interest by decoupling trade execution from custody and brokerage, allowing institutions to freely extend credit to their own counterparties.
Hidden Road is the first partner incorporated and certified with CROSSx to offer premier brokerage services for one-off cryptocurrency transactions at a time when institutional adoption of digital assets continues to expand.
โIn the non-fungible world of cryptocurrency platforms, Hidden Road has expanded the trading power of institutions by bringing fungibility to market,โ said Brandon Mulvihill, Co-Founder and CEO of Crossover.
โWe believe that this significant removal of operational friction from the ecosystem will materially increase trading volumes and decrease trading costs. In this environment, only elite commercial technologies will win, so this collaboration is naturally synergistic for Crossover and our flagship product, CROSSx.โ
The Crossover and Hidden Road partnership follows a recent seed investment round, involving companies including Flow Traders, Nomura's Laser Digital, Pepperstone, Think Markets, TMGM, Two Sigma and Wintermute Ventures.
โCrossover shares Hidden Road's desire to institutionalize the structure of the digital asset market by removing conflicts of interest, helping to restore transparency and trust to the ecosystem,โ said Michael Higgins, Hidden Road's global director of business development.
"Their disaggregated approach to execution fits well with Hidden Road's technology and partner agnostic philosophy, and we are excited to add them to the credit network."
