In a groundbreaking move, Crossover, the leading financial technology company, has joined forces with Cboe Digital, a prominent cryptocurrency exchange operator, to pave the way for innovation in the digital asset market. The collaboration aims to revolutionize trade execution and provide operational efficiencies while fostering healthy competition.
Redefining the Crypto Landscape
Crossover’s flagship product, CROSSx, has achieved a historic milestone by becoming the first external technology venue to connect with Cboe Clear Digital, the clearing arm of Cboe Digital Exchange. This partnership offers Crossover’s clients unparalleled connectivity and unlocks new opportunities for seamless transactions and enhanced risk management.
Cboe Digital President, John Palmer, expressed his enthusiasm for the collaboration, highlighting how Cboe Clear Digital’s operational, technical, and collateral efficiencies will support Crossover’s clients as the digital asset market continues to evolve.
Pioneering a New Era
Co-founder of Crossover, Brandon Mulvihill, emphasized the significance of the partnership, stating that it resets the institutional market structure in the crypto realm. The combination of Cboe Digital’s world-class infrastructure with CROSSx, an ultra-low latency ECN (Electronic Communication Network), marks a pivotal moment in the industry.
Mulvihill described CROSSx as a first-of-its-kind ECN, setting new standards for speed and efficiency in trade execution. The collaboration promises to break barriers and push the boundaries of what’s possible in the crypto landscape.
Driving Competitiveness and Fee Reductions
The partnership between Crossover and Cboe Digital not only revolutionizes market structure but also aims to foster competition in trade execution. By providing clearing solutions for spot and futures trades across multiple digital asset execution platforms, the collaboration seeks to drive down trading fees and enhance accessibility for market participants.
A Clear Path for Digital Assets
A key objective of this revolutionary collaboration is to streamline processes for various digital assets, ensuring efficient and seamless transactions. The integration of CROSSx with Cboe Clear Digital’s robust infrastructure promises to deliver a comprehensive solution for market participants seeking secure and reliable trade execution.
Cboe Digital proudly declares itself as the first U.S. regulated crypto native exchange and clearinghouse combination platform to offer leveraged derivatives products, cementing its position as an industry pioneer.