Crossover Markets Inks Deal with Hidden Road
Posted by Colin Lambert. Last updated: May 23, 2023
Digital asset technology firm Crossover Markets has announced a partnership with credit network Hidden Road, to provide streamlined access to Crossx, Crossover’s execution-only crypto ECN for the purposes of executing spot cryptocurrency transactions.
Crossover aims to avoid conflicts of interest by decoupling trade execution from custody and brokerage, giving institutions the ability to freely choose their own credit counterparties. Hidden Road is the first partner onboarded and certified with Crossx to provide prime brokerage services for spot cryptocurrency transactions as institutional adoption of digital assets continues to grow.
“In the non-fungible world of cryptocurrency platforms, Hidden Road has widened trading capacity for institutions by bringing to market fungibility,” says Brandon Mulvihill, co-founder and CEO of Crossover. “We believe this significant removal of operational friction from the ecosystem will materially increase trading volumes and decrease the costs of trading. In this environment, only the truly elite trading technologies will win, so this collaboration is naturally synergistic for Crossover and our flagship product, Crossx.”
Hidden Road’s global head of business development Michael Higgins, adds, “Crossover shares Hidden Road’s desire to institutionalise digital asset market structure by removing conflicts of interest, helping to bring transparency and trust back into the ecosystem. Their unbundled approach to execution fits well with Hidden Road’s partner- and technology-agnostic philosophy, and we are excited to add them to the credit network.”