Crossover Markets Group
Crossover Markets Group operates CROSSx, an execution-only cryptocurrency ECN providing institutional participants with sub-20 microsecond matching, customizable liquidity pools, and decoupled custody/execution across global Equinix data centers.
- Company typePrivate
- Founded2023
- HeadquartersNew York, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Crossover Markets Group does
Crossover Markets Group operates CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN) purpose-built for institutional participants. The platform decouples trade execution from custody and brokerage to eliminate conflicts of interest inherent in crypto exchanges, with two complementary trading modes: CROSSx Anonymous provides bilateral liquidity pools with sub-20 microsecond matching, while CROSSx Disclosed (launched May 2026) connects participants to 30+ OTC liquidity providers with prime broker settlement. Underlying technology includes the CROSSx 2.0 'Pulsar' C++ architecture (2.7 million lines of proprietary code, Corpus framework), throughput of 1 million orders per second, and a proprietary Smart Order Matching layer that ranks liquidity providers by behavioral characteristics in real time. The platform operates 24/7 across Equinix LD4, NY4, and AWS Tokyo, with Equinix TY3 planned for Q1 2026, and supports FIX API, REST API, and GUI connectivity.
The company serves hedge funds, asset managers, market makers, retail brokers, and prime brokerage clients through direct institutional sales and a distribution network spanning 20+ integrations (Talos, CoinRoutes, oneZero, PrimeXM, etc.) plus technology licenses to Bakkt (BakktX) and Hidden Road (Route28). Revenue is generated primarily through volume-based tiered commissions starting at 1.0 basis point and scaling down to 0.5 basis points at >$500M monthly volume, with stablecoin/fiat taker trades commission-free. The firm is led by three co-founders with deep institutional FX electronic trading pedigrees (Jefferies, Credit Suisse, Citi, FastMatch) and is backed by a syndicate of traditional finance and crypto-native investors including Tradeweb Markets (Series B lead), DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets.
Since its 2023 launch, CROSSx has matched over $50 billion in cumulative notional trading volume across more than 12 million trades, including a record $4.96 billion in October 2025 alone. The company completed a $31 million Series B funding round in March 2026 at a $200 million post-money valuation, and reached approximately 100 live institutional participants with 1,200+ independent FIX sessions in production by that time.
Crossover Markets Group firmographics
Firmographics- Name
- Crossover Markets Group
- Legal name
- Crossover Markets Group, Inc.
- Website
- https://crossovermarkets.com
- Company type
- Private
- Founded year
- 2023
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Crossover Markets Group operates CROSSx, an execution-only cryptocurrency ECN providing institutional participants with sub-20 microsecond matching, customizable liquidity pools, and decoupled custody/execution across global Equinix data centers.
- Ownership category
- akta.pro rank
Crossover Markets Group industry classification
Industry- Product category
- Cryptocurrency Trading Platform
- NAICS
- Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (52321)
- SIC
- Security & Commodity Brokers, Dealers, Exchanges & Services (6200)
- akta.pro primary industry
- Electronic Communication Networks (ECNs) / Crossing Networks (Multi-Asset) (FSAFAEAD)
- akta.pro secondary industries
- Trade Matching & Crossing Networks (FSAFANAL), Centralized Crypto Exchanges (CEX) (FSAPADAA), Spot Crypto Exchanges (Order-Book & Matching Engine) (FSADAAAA)
Keywords
Where Crossover Markets Group is headquartered
LocationHeadquarters
- HQ city
- New York
- HQ country
- United States
- HQ region
- North America
Offices6 records
Markets served
Crossover Markets Group business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations
Revenue model
- Trading Commissions: Commission-based model on trading volume. Commissions waived for takers trading stablecoin/fiat and stablecoin/stablecoin pairs (USDT/USD and USDC/USD). Volume-based tiered pricing where higher monthly volumes result in lower commission rates.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Unit Pricing | Monthly | Under $100M Monthly Volume: 1.0 basis points (0.01%) |
| Unit Pricing | Monthly | $100M to $250M Monthly Volume: 0.8 basis points (0.008%) |
| Unit Pricing | Monthly | $250M to $500M Monthly Volume: 0.7 basis points (0.007%) |
| Unit Pricing | Monthly | Over $500M Monthly Volume: 0.5 basis points (0.005%) |
| Unit Pricing | Monthly | Stablecoin/Fiat and Stablecoin/Stablecoin Pairs: 0 basis points for takers |
Go-to-market motion2 records
Distribution channels6 records
Marketing channels6 records
Crossover Markets Group product offering
Product offeringCore offering
Crossover Markets Group operates CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN) for institutional participants. The platform decouples trade execution from custody and brokerage, providing ultra-low-latency quote-driven matching with sub-20 microsecond latency and throughput of millions of messages per second. It serves hedge funds, asset managers, ETF providers, market makers, retail brokers, and prime brokers via FIX API, REST API, and GUI connectivity hosted in Equinix data centers.
Product overview
Crossover Markets Group operates CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN) purpose-built for institutional participants. The platform comprises two trading modes: CROSSx Anonymous provides anonymous bilateral liquidity pools for institutional spot crypto trading with sub-20 microsecond matching; CROSSx Disclosed offers relationship-based trading with 30+ OTC liquidity providers and prime broker settlement. Both modes share the same high-performance matching engine architecture (CROSSx 2.0), operate 24/7 across global data centers (LD4, NY4, AWS Tokyo), and connect via FIX API, REST API, or GUI. The execution-only model decouples trade execution from custody and brokerage, eliminating conflicts of interest.
Differentiator
Problem solved
Functional benefit
Brands
- CROSSx: Execution-only cryptocurrency Electronic Communication Network (ECN) for institutional participants, featuring ultra-low latency matching, anonymous trading, and customizable liquidity pools.
- CROSSx Disclosed
Products and services
- CROSSx Anonymous An execution-only cryptocurrency ECN for institutional participants that provides anonymous bilateral liquidity pools for institutional spot crypto trading. Features sub-20 microsecond matching engine latency, throughput of millions of messages per second, and ultra-low-latency quote-driven matching technology. Does not offer custody or brokerage services, eliminating conflicts of interest inherent to crypto exchanges.
- CROSSx Disclosed A relationship-based spot cryptocurrency trading platform connecting institutional participants to 30+ OTC liquidity providers with post-trade settlement capabilities through prime brokers Ripple Prime and BitGo Prime. Features single-digit microsecond matching, 1 million orders per second capacity, and dynamic commission rates starting at 1 bp with no up-front fees.
- CROSSx 2.0 (Pulsar) A major architectural upgrade to the CROSSx platform built on a C++ framework (Pulsar/Corpus) that introduced new advanced order types including post-only, pegged, iceberg, dark, and flash orders, along with enhanced Best Bid Offer (BBO) and Smart Order Matching (SOM) functionality. Features strong typing, compile-time validation, and pluggable self-contained components enabling rapid platform evolution.
Quantifiable outcome
- Sub-20 microsecond matching latency vs. typical crypto exchanges
- +8 more outcomes
Companies that use Crossover Markets Group
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Crossover Markets Group technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration20 records
AI capability2 records
Feature8 records
Crossover Markets Group partnerships and signals
Strategic signalPartnerships
Twelve partnerships are on record, tiered core and minor.
- BitGo Trust CompanycoreStrategic partnership integrating CROSSx execution-only ECN with BitGo's regulated qualified custody and Go Network clearing solution. Enables investors to access liquidity with mitigated counterparty risk while assets remain in BitGo Trust's insured, qualified custody until settlement.
- BakktcoreLicensing agreement for Bakkt to use CROSSx technology to power BakktX, a crypto ECN. Bakkt is a publicly-traded regulated markets and infrastructure provider. BakktX will be the first FX-style ECN for crypto backed by a US-regulated firm.
- Route28 (via Hidden Road)coreBuilt using CROSSx technology, Route28 enables institutional counterparties to trade swaps across all major asset classes including FX & precious metals, equity indices, fixed income, commodities and digital assets.
- Hidden RoadcoreGlobal credit network for institutions enabling seamless access to traditional and digital markets. Through partnership, Hidden Road clients have streamlined access to CROSSx for spot cryptocurrency transactions, and CROSSx participants gain access to necessary credit intermediation.
- TaloscoreTalos users have access to CROSSx's tailored liquidity, high-speed execution and tight spreads. CROSSx's execution quality data feeds into Talos's post-trade analytics suite.
- CoinRoutescoreInstitutional-grade crypto OEMS with native integration to CROSSx. CoinRoutes clients can customize and aggregate liquidity pools across 60+ CEXs, DEXs, and LPs with CROSSx now natively integrated.
- oneZerocoreMulti-asset class trading technology provider. oneZero clients trading digital assets gain access to premium crypto liquidity via CROSSx ECN.
- PrimeXMcoreUltra low-latency aggregation and bridging technology. Mutual clients can directly integrate their XCore instance with CROSSx ECN.
- BitGo PrimecorePost-trade settlement capabilities through BitGo Prime alongside Ripple Prime. Enables institutions to net settle all activity across the platform while maintaining direct relationships with market makers.
- B2C2coreCore market maker on CROSSx Disclosed. B2C2 contributes to the ecosystem with deep order books, robust risk profile, and rates that make it a liquidity provider of choice.
- Da Vinci TradingcoreAlgorithmic market maker across digital asset markets for over a decade. Core market maker on CROSSx Disclosed providing transparent pricing and microsecond execution.
- Stelaxis (Alber Blanc OTC)minorAlber Blanc's OTC spin-off providing liquidity on CROSSx Disclosed. Stelaxis's best-in-class liquidity enables clients to trade full spectrum of coins at tight spreads and low costs.
Scale indicators25 records
Recent moves10 records
Expansion highlights6 records
Crossover Markets Group competitors and assessment
Company assessmentDirect peers
- FalconX: Institutional digital asset prime brokerage and execution platform serving hedge funds, asset managers, and corporate treasuries. Directly comparable to CROSSx in targeting institutional crypto execution with a focus on credit intermediation and best execution.
- Bakkt: Public, regulated U.S. digital asset marketplace and infrastructure provider. Bakkt is both a customer (via BakktX licensing CROSSx technology) and a direct competitor offering institutional spot and derivatives crypto trading under regulatory oversight.
- Cumberland (DRW): Institutional crypto trading desk of DRW, providing liquidity across spot and derivatives markets. Comparable to CROSSx Disclosed's OTC liquidity provider model and overlapping in serving institutional market participants and asset managers.
- B2C2: Largest OTC crypto liquidity provider for institutional clients, offering pricing and execution across spot and derivatives. Direct participant and liquidity provider on CROSSx Disclosed and a comparable institutional-focused execution counterparty.
- Galaxy Digital: Institutional digital asset financial services firm offering trading, asset management, and prime brokerage. Comparable in serving institutional crypto trading demand with an execution-focused offering, though broader in scope than CROSSx.
- Wintermute: Major crypto-native algorithmic market maker and OTC liquidity provider active across spot and derivatives. Both a CROSSx Disclosed liquidity provider and Series B investor, and a directly comparable institutional digital asset execution firm.
- Cboe Digital (formerly ErisX): Regulated U.S. digital asset exchange operated by Cboe, offering spot and futures trading for institutional participants. Directly comparable as a regulated institutional crypto trading venue with similar institutional client base.
- Euronext FX (formerly FastMatch): FX ECN spun out of FastMatch, which was co-founded by CROSSx CTO Vladislav Rysin. The closest technology and business model analog to CROSSx in the FX market — an execution-only, ultra-low-latency ECN serving institutional FX trading.
Broad incumbents
- Coinbase Institutional (Coinbase Prime): Institutional arm of the largest U.S.-listed crypto exchange, offering execution, custody, and prime brokerage for institutional clients. Competes for the same institutional flow as CROSSx but with vertically integrated custody/execution and deeper retail-derived liquidity.
Regional players
- OSL: Hong Kong-headquartered regulated digital asset platform serving institutional and professional clients with execution, custody, and SaaS. Comparable institutional crypto execution offering, with regional focus on Asia-Pacific markets where CROSSx is still building footprint.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks6 records
Key highlights8 records
Customer concentration
Crossover Markets Group social profiles
Digital presenceCrossover Markets Group financial estimates
Financial estimateRevenue estimate
Valuation estimate
Crossover Markets Group leadership team
Management profileNumber of profiles
Profiles7 records
Crossover Markets Group subsidiaries and ownership
Company hierarchySubsidiaries1 record
Crossover Markets Group funding detail
Funding detailFunding overview
Funding rounds4 records
Investors18 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Crossover Markets Group M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Crossover Markets Group
What does Crossover Markets Group do?
Crossover Markets Group operates CROSSx, an execution-only cryptocurrency Electronic Communication Network (ECN) for institutional participants. The platform decouples trade execution from custody and brokerage, providing ultra-low-latency quote-driven matching with sub-20 microsecond latency and throughput of millions of messages per second. It serves hedge funds, asset managers, ETF providers, market makers, retail brokers, and prime brokers via FIX API, REST API, and GUI connectivity hosted in Equinix data centers.
Is Crossover Markets Group a public or private company?
Crossover Markets Group is a private company. It is classified as venture growth investor backed and is currently operating.
When was Crossover Markets Group founded?
Crossover Markets Group was founded in 2023. It employs 11 to 50 people.
Where is Crossover Markets Group based?
Crossover Markets Group is headquartered in New York, United States, in the North America region.
How does Crossover Markets Group make money?
One revenue line is on record: trading Commissions.
Who are Crossover Markets Group's main competitors?
Direct peers on record are FalconX, Bakkt, Cumberland (DRW), B2C2, Galaxy Digital, Wintermute, Cboe Digital (formerly ErisX) and Euronext FX (formerly FastMatch). Coinbase Institutional (Coinbase Prime) is listed as a broad incumbent. OSL is listed as a regional player.
Does Crossover Markets Group have an API?
Yes. CROSSx supports FIX API connectivity for institutional participants to connect to the matching engine. FIX (Financial Information eXchange) is the industry standard protocol for electronic trading connectivity. Participants can also connect via REST API or GUI for both automated and discretionary trading workflows.
What industry is Crossover Markets Group in?
Crossover Markets Group's product category is Cryptocurrency Trading Platform. Its primary akta.pro industry code is FSAFAEAD, Electronic Communication Networks (ECNs) / Crossing Networks (Multi-Asset), with a secondary code of FSAFANAL, Trade Matching & Crossing Networks. Its NAICS code is 5231 and its SIC code is 6200.