Crossover Markets Group Inc. was founded by two former Jefferies FX brokers with the goal of making an impression in the institutional crypto investment market. A new bitcoin exchange aimed at institutional investors will be launched by two former Jefferies Financial Group executives.
Following the completion of a recent preliminary investment round, the crypto exchange, called Crossover Markets Group Inc., is set to launch in “late summer to early fall.”The new exchange is described as a “digital asset exchange designed to address the liquidity demands of institutional clients” on the Crossover Markets website.
According to Dealogic, Jefferies is the largest independent full-service investment banking firm headquartered in the United States and the world’s sixth-largest investment bank by revenue.
Brandon Mulvihill, co-founder and CEO of the exchange, was previously the head of Jefferies’ foreign exchange prime brokerage unit. CCO Anthony Mazzarese, a long-time business partner of Mulvihill, is the exchange’s other co-founder. Technologist Vlad Rysin, the former chief technical officer of Euronext FX, a trading services company, will also be present.
The new exchange will focus on providing superior technology that accelerates cryptocurrency trading and decreases latency to the levels required by institutional investors in traditional FX or equities. This, according to Mazzarese, is frequently lacking in retail-focused exchanges:
“There appears to be a perception that latency is unimportant while trading cryptocurrency. “We don’t agree.”
We canvassed our global network of institutional relationships, and one of the most important and prevalent demand was for reliable 24/7 technology with the same service levels and customization features as other markets like FX and stocks. Crossover Markets will deliver exactly that.”
While the great majority of traditional institutional investors have yet to enter the crypto arena, Mulvihill believes that this is quickly changing, and he emphasizes the necessity for exchanges to enhance technology in tandem with market maturity.
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