A new cryptocurrency exchange built for institutional investors is being launched by two former Jefferies Financial Group.
Following the closure of a recent seed funding round, the exchange named Crossover Markets Groups is scheduled to launch in “late summer to early fall.”
As per the official website of Crossover Markets, the new exchange is a crypto exchange designed to fulfill institutional clients’ needs.
According to Dealogic, headquartered in the U.S, Jefferies is the seventh-largest investment bank in the world by revenue and the largest independent full-service investment banking firm.
Brandon Mulvihill, co-founder, and CEO, will lead the exchange. Mulvihill earlier headed the Jefferies foreign exchange prime brokerage business. COO Anthony Mazzarese has co-founded the exchange and is also the long-time business partner of Mulvihill.
The technologist Vlad Rysin, the former chief technology officer of Euronext FX, will join them.
The priority of the new exchange will be on reducing latency to the standards expected in traditional FX or equities and improving technology that accelerates cryptocurrency trading by institutional investors. Mazzarese points out that the absence of it is often seen in retail-focused exchanges; he says that his exchange doesn’t agree with the notion that latency doesn’t matter when it comes to trading crypto.
Mulvihill said the trend of various traditional institutional investors not entering the crypto field is now changing. He also emphasized the need for exchanges in order to take technology to market maturity.
On Tuesday, global crypto exchange Bitstamp released a survey report which found that the majority of the 28,615 institutional and retail investors survey respondents believe crypto will overtake traditional investment vehicles within a decade. As much as 80% of institutional respondents answered in the affirmative.
Bitstamp, the global crypto exchange, on Tuesday launched a survey report. Among 28,615 institutional and retail investors among surveyed individuals, the majority are of the opinion that crypto will surpass traditional investment vehicles in the span of a decade.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.