As someone closely watching the evolving U.S. crypto landscape, I’ve been intrigued by how the regulatory winds seem to be shifting in favor of digital assets. Under President Trump’s renewed focus on innovation and crypto-friendly policies, it’s no surprise that international players are beginning to move in—and one of the most compelling is Crossover Markets Group Inc.
Based in London, Crossover has largely steered clear of the U.S. market until now due to regulatory uncertainty. But with the current political momentum, they’re preparing to launch their institutional digital asset trading platform, CROSSx, stateside. I find this move particularly significant given the firm’s cautious stance in the past.
Crossover was founded in 2022 by some heavy hitters in the FX world—Brandon Mulvihill and Anthony Mazzarese, both formerly of Jefferies, and Vladislav Rysin, ex-CTO at Euronext FX. In just a short time, they’ve built a serious presence with CROSSx, which is based on an ECN (Electronic Communication Network) model. What stands out to me is how tailored the platform is for institutional players: it offers anonymous trading, ultra-low latency, deep liquidity, and separates trade execution from custody—plus it allows for customized liquidity pools.
According to CEO Brandon Mulvihill, the company is laying the groundwork to onboard U.S. participants, with live trading expected by late Q2 or early Q3. This is a big deal—not just for them, but for the broader U.S. market.
The numbers speak for themselves: Crossover handled $13.5 billion in notional trading volume last year and raised $12 million in a Series A funding round in June 2024, led by Illuminate Financial and DRW Venture Capital. Even more impressive is their consistent growth—trading volume has increased 30–50% quarter-over-quarter over the last year. Given that kind of momentum, another fundraising round could be on the horizon.
What’s most exciting to me is how firms like Crossover are being reinvigorated by the policy changes happening in the U.S. If this trend continues, we could be entering a new golden era for institutional crypto trading in the American market.