Crossover markets Connects to Cboe Digital

Crypto execution technology provider Crossover Markets says it has become the first external technology venue to connect to Cboe Digital, Cboe’s spot and futures clearinghouse for digital assets.

The firm’s CrossX platform will plug into Cboe Digital to enable clewring and settlement through a central counterparty. Crossover says it is also expanding its data centre footprint to Equinix’s NY4, adding to its existing presence in Equinix’s LD4 for international counterparties. The firm says the onshore presence of production servers is expected to avoid unnecessary latency in execution.

“Institutional market structure in crypto is being reset,” says Brandon Mulvihill, co-founder and CEO of Crossover. “The collaboration of Cboe Digital’s world-class infrastructure and CrossX, a first-of-its-kind, ultra-low latency ECN is groundbreaking. Cboe Digital promotes competition in trade execution, which may help to reduce trading fees. This collaboration is a natural fit for CrossX, and we are proud to be the first external technology venue to provide connectivity to Cboe Digital.”

John Palmer, president of Cboe Digital, adds, “Cboe Digital’s clearinghouse supports multiple digital asset execution platforms including crypto spot and futures, which provides operational, technical, and collateral efficiencies to its members. We look forward to supporting Crossover’s clients in innovative ways as the digital asset market evolves.”