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About Crossover Markets
Crossover Markets is a digital asset trading technology company whose core product, CROSSx, is an execution-only electronic communication network (ECN) designed specifically for institutional participants. Unlike traditional crypto exchanges that combine brokerage, custody, and market making, CROSSx focuses solely on order matching, eliminating conflicts of interest common in integrated platforms.
Its core competitiveness lies in ultra-low latency and flexible liquidity management. The matching engine operates in sub-20 microseconds, paired with smart order routing that can aggregate or separate liquidity from multiple providers. Institutions can choose between anonymous trading or disclosed bilateral pools, and customize liquidity sources based on fill ratios, response times, and market impact.
Market pain points addressed include: high latency on incumbent exchanges, conflicts of interest when exchanges also act as market makers, and lack of control over liquidity quality. CROSSx solves these by providing a neutral, high-speed venue where institutions trade directly with selected counterparties.
In the past six months (2026-02-28 to 2026-08-28), Crossover launched CROSSx 2.0 with advanced order types and improved smart order matching, and introduced CROSSx Disclosed, allowing institutions to build custom liquidity pools with over 30 OTC providers. The platform has matched over $50 billion in notional volume across 12 million trades for nearly 100 active participants. No significant negative events were reported during this period.
Crossover Markets achieved two key milestones in the past six months. In March 2026, the company completed a $31 million Series B round at a $200 million valuation, led by Tradeweb Markets, with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial. Tradeweb also plans to provide its global clients with access to CROSSx institutional spot crypto liquidity via its algorithmic order-routing technology, marking Tradeweb's entry into institutional crypto. In May 2026, the company launched CROSSx Disclosed, enabling institutions to build custom liquidity pools by selecting from 30+ OTC market makers, with net settlement through prime brokers such as Ripple Prime and BitGo Prime. The product offers approximately 200 symbols and a dynamic fee schedule based on total volume.
Future priorities include using the funding to enhance the technology stack, expand global operations, and deepen integrations with institutional partners. CROSSx Disclosed will expand to regions such as Equinix TY3 (Tokyo), increase instrument coverage and liquidity providers, and improve settlement connectivity with prime brokers and custodians, reinforcing its position as the institutional execution layer in crypto.
Brandon Mulvihill (Co-Founder & CEO): Former Managing Director and Global Head of FX Prime Brokerage at Jefferies; earlier started FXCM Pro, launched Prime of Prime offering, distributed ECN FastMatch, and managed FXCM's acquisition of Tradestream. Background in Economics from UC Davis.
Vladislav Rysin (Co-Founder & CTO): Former CTO and Head of Core Electronic Trading at Credit Suisse FICC; co-founded FastMatch, adapting Crossfinder for FX, later served as CTO at Euronext FX. Renowned for building ultra-low-latency matching engines.
Anthony Mazzarese (Co-Founder & CCO): Former Global Head of Distribution for FX Prime Brokerage at Jefferies; earlier at Citibank led margin FX sales and developed CitiFX Tradestream; top producer at FXCM. Degree in Finance and Economics from Fordham University.