Crossover Markets, a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets and operator of the CROSSx crypto ECN, today announced a strategic partnership with BitGo Trust Company, Inc., the leading infrastructure provider of digital asset solutions trusted by institutions since 2013. The partnership will integrate Crossover’s execution-only ECN with BitGo Trust’s regulated qualified custody offering and Go Network clearing solution, enabling investors to seamlessly access liquidity with mitigated counterparty risk.
The partnership comes at a pivotal time, with institutional interest in digital assets accelerating at a rapid pace. Traditional finance (TradFi) participants are increasingly seeking digital asset infrastructure that combines the security standards and trading frameworks available in regulated equities and FX markets. Crossover’s CROSSx platform – known for its anonymous, low-latency matching engine – aligns with this demand and will now be accessible via BitGo Go Network. A distinguishing feature of Go Network for institutions is that investor assets remain securely within BitGo Trust’s insured, qualified custody until the time of settlement, eliminating tradeoffs between security, liquidity and capital efficiency that have long challenged institutional participants.
“Market structure is rapidly changing in spot crypto as institutional clients are exhausted with the extraordinarily high fees charged by the captive, vertically integrated exchange models,” said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. “With $100 billion in custodial assets and 9.3 million + wallets, BitGo is perfectly suited to address the topic of fungibility, allowing CROSSx to compete for market share based on the merits of our technology, pricing, and ability to eradicate market impact.”
“We are pleased to add CROSSx on Go Network,” said Mike Belshe, Co-Founder and CEO of BitGo. “As we continue to deepen liquidity access to our clientele in a variety of ways, all aimed to compress fees and cost of capital while maintaining the highest standards of security. The addition of Crossover’s CROSSx ECN brings unique advantages that will play a critical role in the liquidity mix for our clients.”
With this partnership, which is expected to commence in April, institutional clients will be able to seamlessly buy select cryptocurrencies on one venue and sell them on another while facing BitGo Trust as a common counterparty. This fungibility, a hallmark of traditional finance, reduces settlement risk and will further streamline the trading process for institutional clients who seek freedom to trade directly across various liquidity sources.