Crossover Markets, the digital asset trading technology firm behind the CROSSx crypto ECN, has revealed a fee relief initiative for Taker clients. Starting from November 1, 2024, the company will waive all commissions for retail brokers trading the popular stablecoin pairs USDT/USD and USDC/USD. This move comes in response to the increasing demand from retail brokers for CROSSx, which is recognized as the first and fastest ECN in the cryptocurrency markets.
Retail brokers and industry participants who lack direct market access have been facing significant fee pressure on their treasury trades involving stablecoins. The spreads and fees charged by payments providers and exchanges have sometimes reached whole percentage points. To alleviate this burden, Crossover Markets has decided to eliminate commissions on the funding element for Taker participants, aiming to support its retail broker clients.
Crossover’s primary objective is to reduce the cost of trading digital assets by focusing on speed, throughput, and tailored liquidity through its ECN model. This approach has successfully led to spread compression on the CROSSx crypto ECN, which currently achieves a remarkable 99% match rate in under 10 microseconds and processes billions of quotes per day from liquidity providers.
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, emphasized that CROSSx not only offers tight pricing but also addresses the need for advanced best execution practices. The platform evaluates price, size, time, and various behavioral characteristics of each market maker, re-ranking them in real time for each trade. These innovative features foster a fairer and more competitive trading environment.
Crossover Markets is a digital asset trading technology firm dedicated to meeting the unique liquidity requirements of institutional players in the cryptocurrency markets. Its CROSSx crypto ECN, an execution-only cryptocurrency Electronic Communication Network, is powered by an industry-leading matching engine and includes order logic that allows clients to choose their preferred trading partners. With a team boasting extensive experience in FX trading, prime brokerage technology, and artificial intelligence, Crossover is at the forefront of ushering in the next wave of institutions in the crypto market.
For more information about Crossover Markets, please visit www.crossovermarkets.com.
Media Contact:
Forefront Communications for Crossover
[email protected]
+44 (0) 7375 288 641