# Crossover Markets

> Crossover Markets is a New York-based institutional trading technology firm behind CROSSx, one of the first execution-only cryptocurrency electronic communication networks (ECN). Founded in 2022 by former FX prime brokerage executives, it decouples trade execution from custody and brokerage to remove the conflicts of interest common on crypto exchanges. CROSSx pairs sub-20 microsecond matching with smart order routing and custom dark and lit liquidity pools, and has matched more than $50 billion in notional volume across 12 million trades for nearly 100 institutional participants.

- **Founded:** 2022
- **Headquarters:** New York, New York, United States
- **Founders:** Brandon Mulvihill (Co-Founder & CEO), Vladislav Rysin (Co-Founder & CTO), Anthony Mazzarese (Co-Founder & CCO)
- **Team size:** ~20 employees
- **Products:** CROSSx, CROSSx Disclosed
- **Notable:** Launched one of the first execution-only cryptocurrency ECNs (CROSSx) in March 2023, Matched more than $50 billion in notional trading volume across 12 million trades, Grew to nearly 100 live institutional participants

## Products & services

- **CROSSx** — Execution-only cryptocurrency ECN with sub-20 microsecond matching engine latency, smart order routing, custom dark and lit liquidity pools, and FIX API plus GUI connectivity for institutional participants.
- **CROSSx Disclosed** — A disclosed liquidity model that lets institutions build customized liquidity pools through direct relationships with 30+ OTC market makers, with post-trade net settlement via prime brokers such as Ripple Prime and BitGo Prime, and advanced execution tools like iceberg and pegged orders across ~200 symbols.

## Achievements

- Launched one of the first execution-only cryptocurrency ECNs (CROSSx) in March 2023
- Matched more than $50 billion in notional trading volume across 12 million trades
- Grew to nearly 100 live institutional participants
- Raised $31M Series B at a $200M valuation led by Tradeweb in March 2026
- Built a matching engine with sub-20 microsecond latency, positioned as many times faster than typical crypto exchanges
- Expanded operations to the U.S. to meet institutional demand

## Latest updates

- **2026-05** — Launched CROSSx Disclosed, a disclosed liquidity model with 30+ OTC market makers and net settlement via Ripple Prime and BitGo Prime.
- **2026-03** — Closed $31M Series B at a $200M valuation led by Tradeweb Markets, with Ripple, Virtu, XTX, DRW, Wintermute and Illuminate participating.
- **2025-06** — Expanded to the U.S. to meet institutional crypto trading demand.

## Links

- Website: https://crossovermarkets.com
- LinkedIn: https://www.linkedin.com/company/crossover-markets
- Twitter/X: https://twitter.com/crossover_mkts

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Profile page: https://yespress.io/crossover-markets
Published by YesPress — https://yespress.io
Last updated: 2026-07-21