Crossover Markets Group, Inc., a digital asset technology firm focused on meeting the unique liquidity requirements of institutions, today announced several key performance indicators from Q1 trading on its flagship digital assets platform CROSSx.
Crossover’s Q1 2024 Highlights:
- CROSSx executed $3,153,752,406 in notional trading volume
- CROSSx executed 415,450 trades
- CROSSx processed over 141 billion quotes
CROSSx Q1 execution times, using industry standard measurements, were:
- Order to acki – 75% below 7μsec and 99% below 10μsec
- Order to feedii – 75% below 8μsec and 99% below 11μsec
“After several quarters of consistent growth, we are thrilled to report CROSSx data that reveals we are the fastest venue and among the fastest-growing institutional venues in the digital world,” said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets.
Mulvihill added, “Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”
Crossover Co-Founder and Chief Commercial Officer Anthony Mazzarese added, “CROSSx’s hybrid ECN model allows quote-driven OTC market makers to stream liquidity into our order book alongside makers and takers who are posting both passive and aggressive orders for OXO matching. Supporting both quote-driven and order-to-order matching on a single venue, in a single trading session, is unique in the market, and enables takers to interact with market makers’ quotes or cross with another taker while trading inside makers’ spreads, ultimately achieving the best possible price.”
Mazzarese continued, “This pricing power is driving more trading activity, and the top three types of participants on the platform to date are institutions running electronic trading strategies, market makers looking to hedge their inventory and retail brokers. Clients can choose whether they would like to interact with quote-driven or firm liquidity – or both – while makers have the ability to customize different price streams for different trading strategies. All of this is offered to CROSSx participants within single-digit microsecond matching times, making us the fastest crypto venue in the market.”
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