Two former Jefferies Financial Group Executives named, Brandon Mulvihill and Anthony Mazzarese respectively, plan to launch a new crypto exchange for institutional investors. After a recent seed funding round, the new exchange, titled as Crossover Markets Group Inc., is planned to launch in “late summer to early fall.”
The new exchange is represented as a “digital asset exchange designed to address the liquidity demands of institutional clients”.
Brandon Mulvihill, co-founder and CEO of the exchange, was previously the head of the prime brokerage unit at Jefferies foreign exchange. CCO Anthony Mazzarese, is the exchange’s other co-founder and a long-time business partner of Mulvihill. The former chief technical officer of Euronext FX Technologist Vlad Rysin, will also be present.
Jefferies is the largest independent full-service investment banking firm headquartered in the United States, and it is the world’s sixth-largest investment bank by revenue as per the Dealogic.
The new exchange will give importance to providing superior technology that will increase the speed of cryptocurrency trading and decrease latency to the levels institutional investors require in traditional FX or equities.
As per the Mazzarese, this is frequently lacking in retail-focused exchanges:
“There seems to be a notion that latency doesn’t matter when it comes to trading crypto. We disagree.”
“We canvassed our global network of institutional relationships, and one of the most important and common requests was reliable 24/7 technology with the same service levels and customisation options they’re used to in other markets like FX or equities,” says the company. Crossover Markets will deliver exactly that.
While most traditional institutional investors have yet to enter the crypto arena, Mulvihill believes that this is quickly changing, and he emphasises the necessity for exchanges to enhance technology in tandem with market maturity.
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