Exness-Backed Crossover Markets Launches Crypto ECN

<p>Crossover Markets Group, established last year by <a href="https://www.financemagnates.com/executives/former-jefferies-financial-group-executives-are-launching-a-cryptocurrency-exchange/" target="_blank" rel="follow">two former Jefferies executives</a>, announced on Tuesday the launch of CROSSx, which is an execution-only cryptocurrency Electronic Communication Network (ECN). </p><p>Crossover Markets Is Backed by Retail FX/CFDs Brokers </p><p>The launch came after Crossover Markets received a seed investment of an undisclosed amount from a consortium of market participants, a majority of which are traditional financial services companies. The backers include major names in the forex and contracts for differences (CFDs) retail brokerage space, including <a href="https://www.financemagnates.com/forex/exclusive-exness-sets-record-in-february-as-trading-volume-hits-3t/" target="_blank" rel="follow">Exness</a>, <a href="https://www.financemagnates.com/tag/pepperstone/" target="_blank" rel="follow">Pepperstone</a>, Think Markets, TMGM, Flow Traders, Gate.io, GMO Internet Group, Nomura's Laser Digital, Two Sigma, and Wintermute Ventures. </p><p>"We are delighted with the financial backing of global industry leaders in retail brokerage, market making, <a href="https://www.financemagnates.com/terms/q/quantitative-trading/" class="terms__main-term" id="32ff8617-02f8-4edf-bede-2633a34faa07" target="_blank">quantitative trading</a>, banking, and crypto-native firms," said Crossover's CEO, Brandon Mulvihill. "Our consortium partners share our vision and have paved the way to create scale and opportunities for other industry participants to join our platform and participate in future rounds." </p><p>Mulvihill co-founded Crossover with Anthony Mazzarese, who is holding the role of a Chief Commercial Officer. Both of them were former <a href="https://www.financemagnates.com/executives/moves/exclusive-brandon-mulvhill-swaps-fxcm-jefferies/" target="_blank" rel="follow">executives at the Prime Brokerage division of Jefferies</a>. </p><p>A Crypto ECN </p><p>CROSSx is a uniquely positioned product for cryptocurrency. While <a href="https://www.financemagnates.com/institutional-forex/execution/the-race-among-ecn-efx-execution-venues-heats-up/" target="_blank" rel="follow">ECNs are very popular</a> in the <a href="https://www.financemagnates.com/terms/f/forex-trading/" class="terms__secondary-term" id="258a569f-bf49-4a61-a1b4-bc352d76141f" target="_blank">forex trading</a> market, nothing like this has been built on an industrial scale for the aggressively growing cryptocurrency market. </p><p>The new platform of Crossover claims to decrease trading costs, improve execution quality and enhance market data capabilities. Moreover, it allows institutions to choose their own credit counterparties to decouple trade execution from custody and brokerage, thus avoiding any conflict of interest. </p><p>According to the official press release, CROSSx's matching engine has a sub-20 microsecond latency and a throughput of millions of messages per second, assuring faster pricing and trade executions. </p><p>Additionally, the new platform added liquidity customization features, allowing clients to create 'dark and lit' liquidity pools. Further, it supports anonymous, disclosed, and semi-disclosed trading over one-to-one, one-to-many and many-to-many connections. </p><p>"The CROSSx ECN applies a tried-and-tested Tradfi liquidity model to the digital assets industry. As a major liquidity provider of crypto assets, we wanted to be an early investor in the project and team," the Chief Customer Officer at Exness, Damian Bunce said.</p> This article was written by Arnab Shome at www.financemagnates.com.

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Crossover and Ouinex Collaborate for Crypto Market Advancements

Ouinex, a crypto trading platform tailored foractive and professional traders, has announced a strategic alliance withCrossover Markets, an institutional trading venue specializing in spotcryptocurrencies. The collaboration heralds a milestone within the cryptosphere, as Ouinex integrates Crossover's electronic communication network (ECN)technology, known as CROSSx.

CROSSx: Reshaping Digital Asset Trading Dynamics

Ilies Larbi, the CEO of Ouinex, expressed enthusiasmregarding the partnership: "By partnering with Crossover Markets andharnessing their state-of-the-art technology, we are propelling ourselvesforward in delivering a unique and exceptional trading experience to ourclients."

CROSSx, heralded as a revolutionary ECN fordigital assets, brings unprecedented speed and customization capabilities toOuinex's trading infrastructure. Leveraging ultra-low-latency, quote-drivenmatching technology, and intelligent order routing, CROSSx distinguishes itselffrom the prevalent Central Limit Order Book model dominating the currentcrypto landscape.

Anthony Mazzarese, Co-Founder and the ChiefCommercial Officer of Crossover, conveyed his sentiments, stating:"Crossover is privileged that our flagship product, CROSSx, has beenchosen by Ouinex as the liquidity backbone for their highly anticipatedlaunch."

"Both Ouinex and Crossoverrecognize that active and high net worth traders globally are underserved, withmost exchanges catering solely to retail users, offering rudimentary technologycoupled with high fees. Ouinex's emergence comes at an opportune time with a productthat aligns perfectly with market needs, and we are thrilled to contribute ourliquidity to this dynamic new platform," Mazzarese added.

Exciting News from Ouinex!We're thrilled to announce our strategic partnership with @crossover_mkts , integrating the innovative CROSSx ECN technology to revolutionize your trading experience. This collaboration marks a significant milestone in the crypto industry, setting a pic.twitter.com/En1Waep5wQ

Ouinex Secures VASP Registration from Polish FinancialAuthority

Finance Magnates reportedthat Ouinexstrengthened its regulatory footing pre-launch with its first Virtual AssetService Provider registration from the Polish Financial SupervisionAuthority (KNF). The move preceded its imminent ICO and aligned with itsroadmap's Q4 2023 target. Larbi emphasized compliance with Europeancrypto regulations, aiming for expansion across the continent.

Ouinex plans African market entry and seeks a BTC provider license in ElSalvador. Strategic partnerships and a $2 million token pre-sale highlightedits fundraising efforts, alongside collaborations with entities likeInteractive Trading.

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