2 Jefferies alumni are launching a new cryptocurrency exchange designed for institutional investors.

Two former executives of the broker Jefferies FX launch their own institutional cryptocurrency exchange called Crossover Markets Groups. It is expected to launch “late summer to early fall” after its final round of seed funding closes.

The launch of Crossover Markets for institutional investors

The 2 members who created the new exchange crypto institutional include Mulvihillwho previously ran the foreign exchange brokerage business of Jefferiesand Anthony Mazzaresethe one who co-founded the exchange and is also a long-term business partner of Mulvihill. To this end, they teamed up with a former executive ofEuronext FX (CTO), vlad Rysin.

Institutional interest in cryptocurrencies has been on the rise since 2020. Professional investors trade over $1 trillion worth of cryptocurrencies on Coinbase. In 2020, the trading volume was less than $130 billion.

Mulvihill said in the statement “While the vast majority of traditional institutional clients have yet to venture into the cryptocurrency space, we believe this is rapidly changing. As the market matures, so will technological advancements in exchanges.

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Mulvihill further explained that the tendency of various traditional institutional investors not to enter the space crypto is changing. He also underlined the need for exchanges in order to bring the technology to maturity in the market.

Rysinwho is also the former head of core e-commerce at Credit Switzerland, said: ” Good While it’s too soon for institutional clients to join cryptocurrencies, we’re building our exchange for the future and are excited to be the premier venue for digital assets. »

Latency reduction for more speed

Crossover Markets provides technical solutions to increase the speed of cryptocurrency transactions reducing latency. Mazzarese sheds light on the importance of latency in crypto transactions. Its absence is often seen in retail-focused exchanges, noted Mazzarese. He said his exchange disagrees with the idea that delays don’t matter when trading cryptocurrencies.

“We surveyed our global network of institutional relationships, and one of the most important and common requirements was always reliable technology with the same service levels and customization features that they are accustomed to on other markets such as forex or stocks. This is precisely what Crossover will offer Markets.», he pointed out

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2 Jefferies alumni are launching a new cryptocurrency exchange designed for institutional investors.


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