Former Jefferies FX brokers launching institutional crypto exchange
Two former Jefferies Financial Group executives are set to launch a new cryptocurrency exchange designed for institutional investors.
Named Crossover Markets Group Inc. the exchange is set to debut in “late summer to early fall” following the closure of a recent seed funding round.
The Crossover Markets’ website describes the new exchange as a “digital asset exchange designed to meet the liquidity needs of institutional clients.”
We are excited to officially announce the creation of Crossover Markets! More announcements coming soon!https://t.co/2igfAQleaS#Crypto #DigitalAssets #institutional #fx
Jefferies is the largest independent full-service investment banking firm headquartered in the U.S. and is the seventh largest investment bank in the world by revenue, according to Dealogic.
The exchange will be led by co-founder and CEO Brandon Mulvihill, who previously manned the helm of Jefferies foreign exchange prime brokerage business. The other co-founder of the exchange is CCO Anthony Mazzarese, a long-time business partner of Mulvihill. They will also be joined by technologist Vlad Rysin, the former chief technology officer of Euronext FX, a trading services company.
The new exchange will focus on offering improved technology that speeds up cryptocurrency trading and reduces latency to the standards expected in traditional FX or equities by institutional investors. Mazzarese says this is often lacking in retail focused exchanges:
“We polled our network of institutional relationships globally and one of the biggest and most common requirements was reliable 24/7 technology with the same service levels and customization features they are accustomed to in other markets such as FX or equities. This exactly what Crossover Markets
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