Crossover Markets Launches Disclosed Trading Platform to Bridge Crypto and TradFi

WILMINGTON, Del. – May 13, 2026 – Crossover Markets, a technology firm focused on institutional digital assets, today launched CROSSx Disclosed, a new trading venue designed to bring the structure and transparency of traditional finance to the spot cryptocurrency market. The platform aims to attract a new wave of institutional players by combining high-speed execution with a relationship-based trading model and integrated post-trade settlement through major prime brokers.

The launch marks a significant step in the maturation of crypto market infrastructure. CROSSx Disclosed allows institutions to directly connect and negotiate with a curated network of over 30 over-the-counter (OTC) liquidity providers, including prominent market makers. This "disclosed" model stands in contrast to the anonymous central limit order books common in crypto, giving institutions greater control over their trading relationships and liquidity.

A New Blueprint for Institutional Trading

At the core of the CROSSx Disclosed offering is its effort to solve long-standing institutional pain points in the digital asset space: counterparty risk, capital inefficiency, and operational complexity. By integrating with prime brokers such as Ripple Prime and BitGo Prime, the platform allows participants to net settle all their trading activity through a single, trusted entity. This dramatically simplifies the post-trade process and reduces the capital required to be parked across multiple venues.

"As traditional and digital finance converge, institutions require market infrastructure that meets the same bar of neutrality, governance, and risk controls to which they are accustomed," said Michael Higgins, International CEO of Ripple Prime, in a statement. "CROSSx Disclosed enables institutions to net settle all activity through Ripple Prime while maintaining direct relationships with their market makers, delivering necessary operational flexibility and capital efficiency without new counterparty risk."

This structure is a deliberate move to mirror the prime brokerage model that has been the backbone of traditional markets for decades. By separating the roles of execution, custody, and settlement, the platform addresses concerns that have historically made large institutions wary of the crypto market. This separation of duties is a key differentiator from many all-in-one crypto exchanges and aligns with a broader industry trend toward a more specialized and institutionally-aligned market structure.

Unlocking Custom Liquidity and Transparency

The platform's architecture empowers institutions to move beyond one-size-fits-all liquidity pools. Participants can build their own custom liquidity environments by selecting their preferred counterparties from a deep roster of market makers. This allows them to negotiate bespoke terms for spreads, order book depth, and settlement, creating a more tailored and efficient trading experience.

The move has been welcomed by major liquidity providers who see it as a more efficient way to connect with institutional clients. "Institutional participants benefit from greater control combined with price transparency, speedy execution, and efficient settlement," noted Thomas Restout, CEO of B2C2. "CROSSx Disclosed aims to deliver these efficiencies, and B2C2 is contributing to this ecosystem as a core market maker."

This sentiment was echoed by other leading trading firms. Michael Lie, Global Head of Digital Assets at Flow Traders, commented that the platform supports the market's shift "toward a more continuous, connected and institutionally aligned model." Meanwhile, Virtu Financial, Da Vinci Trading, and Alber Blanc's Stelaxis have all signed on as liquidity providers, citing the platform's transparency and high-performance technology as key draws. This strong backing from a diverse set of top-tier market makers is a significant vote of confidence in the model.

Combining Blistering Speed with a Disruptive Cost Model

Underpinning the relationship-based model is a high-performance matching engine that Crossover claims is the fastest in the industry. The company touts single-digit microsecond matching and the capacity to handle 1 million orders per second, performance metrics designed to appeal to the most demanding quantitative and high-frequency trading firms.

"Demand is sky high for high performing, low latency systems that provide connectivity across the ecosystem, and CROSSx delivers this in spades," said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. He highlighted the prime brokerage integration as a "game changer" that "materially drives down total costs to trade."

This performance is paired with an aggressive commercial model intended to disrupt the status quo. CROSSx Disclosed charges no upfront fees or monthly minimums, opting instead for a pay-as-you-go commission structure. Fees are calculated on a dynamic rate card where participants' volumes are aggregated across the entire Crossover ecosystem—both disclosed and anonymous—rewarding high-volume clients with lower rates, which can scale down to just 0.5 basis points. This approach lowers the barrier to entry for institutions and provides a clear, volume-based incentive structure.

Carving a Niche in a Competitive Arena

Crossover Markets is entering an increasingly crowded field of platforms vying for institutional crypto business. Competitors like FalconX offer a full suite of prime brokerage services, while platforms like Paradigm focus on derivatives liquidity. Crossover is strategically positioning CROSSx as a pure, execution-only Electronic Communication Network (ECN) for spot crypto, focusing on doing one thing exceptionally well.

This specialized approach appears to be resonating with strategic partners. The company recently secured a significant Series B funding round led by Tradeweb, a giant in traditional electronic fixed income and derivatives markets. The involvement of Tradeweb, alongside other investors like Virtu Financial and XTX Markets, not only provides capital but also a powerful stamp of approval and a potential gateway to a vast network of traditional financial institutions.

The platform offers global access via data centers in London (LD4), New York (NY4), and Tokyo (AWS), with plans for further expansion. With support for approximately 200 trading pairs, flexible connectivity options (FIX API, REST, GUI), and a suite of advanced order types, CROSSx Disclosed is armed with the tools necessary to compete for a significant share of the institutional market. Its launch represents another critical piece of infrastructure falling into place, paving the way for deeper and more sophisticated institutional involvement in digital assets.