Ex-Jefferies FX brokers launch an institutional crypto exchange

Crossover Markets Group

April 27, 2022

Reading Time: 2 minutes

The former Jefferies FX brokers have taken a step into crypto industry expansion. They have plans to launch a Crossover Markets Group Inc that aims at promoting institutional crypto investors.

The Crossover Market Group Inc will debut in late summer to early fall due to the closure of the seed funding round. The new exchange is a digital asset designed for institutional clients.

According to Dealogic, Jefferies is the largest independent firm that has its headquarters in the U.S and the 7th largest by revenue worldwide.

 The Launch of the new crypto exchange

The exchange will be launched by the CEO of Jefferies, Brandon Mulvihill, Anthony Mazzarese, a long-term business partner of Brandon, and Vlad Rysin, the former chief technology officer of Euronext FX.

This exchange will offer improved technology that will accelerate cryptocurrency trading. It will also reduce the latency to the expected standards of FX by institutional investors.

Mazzarese said that this lacks in retail-focused exchanges. He disagreed with the notion that latency is unnecessary in crypto trading.

He also said that their institutional relationship network is global. He said that The Crossover Markets will provide reliable technology with the same service levels and customization features accustomed to other markets.

Mulvihill stressed the need to advance technology in line with market maturity while the majority of institutional investors have not yet entered into the crypto space.

Jefferies has been expanding its crypto services under the leadership of Alexander Yavorsky, the firm’s managing director of the Financial Institutional Group (FIG) Investment Banking. Despite that, the two executives left Jefferies in March to set up a new exchange.

Alexander said that the company is exploring crypto services in trading prime brokerage and wealth investments.

Bitstamp Report

The global crypto exchange, Bitstamp released a report that the majority of the institutional and retail investors believe crypto will overtake the traditional investment vehicles within a decade. This was on Tuesday and almost 80% of the institutional respondents affirmed this.

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