Two Ex-Jefferies Prime Broker Executives are all set to launch a new cryptocurrency exchange built for institutional investors.
Dubbed as ‘Crossover Markets Group Inc’ the exchange is soon to be launched in ‘late summer to early fall’ after its seed funding round.
Two of the top executives in Jefferies’s foreign-exchange prime brokerage division, Brandon Mulvihill and Anthony Mazzarese teamed up with Vlad Rysin who was previously the Chief Technology Officer at Euronext FX, to establish the company.
The Crossover Markets’ website describes itself as a “digital asset exchange designed to meet the liquidity needs of institutional clients.”
Mulvihill said, “As the market matures, so should the technological advancements of the exchanges.” Crossover Markets will offer improved technology that speeds up crypto trading and reduces the latency – or the amount of time from the initiation of a trade till its receipt.
Further elaborating on latency, Mazzarese said that they polled their network of institutional relationships globally.
Upon this, they found that one of the most common requirements was reliable 24/7 technology with the same service levels and customization features that are available in FX or equities. This is exactly where Crossover Markets steps in.
When Mulvihill and Mazzarese left Jefferies last month, they realized both of them had been interested in digital assets since examining crypto non-deliverable forward contracts in 2018.
Rysin commented, “While it is still very early for institutional clients joining crypto, we are building our exchange for the future and are excited to become a primary venue for digital assets.”
A recent survey report by crypto exchange Bitstamp found that ‘crypto will overtake traditional investment vehicles within a decade,’ as per its respondents.
Further speaking on the rise of the market, crypto exchange Coinbase has also been on an expansion spree with its marketing strategies and its recent acquisition of 2TM, the parent company of Mercado Bitcoin, Brazil’s largest crypto exchange.
