Crossover Markets Launches CROSSx Disclosed

CROSSx Disclosed Delivers Low Cost, Low Latency Performance to Relationship Based Trading in Spot Cryptocurrency

CROSSx Disclosed Connects Institutions to 30+ Market Makers with Robust Post Trade Connectivity to Prime Brokers such as Ripple Prime and Bitgo Prime

WILMINGTON, Del., May 13, 2026 /PRNewswire/ -- Crossover Markets ("Crossover"), the institutional digital asset trading technology firm who operates the fastest matching engine in cryptocurrency trading, today announced the official launch of CROSSx Disclosed. Through Disclosed, CROSSx provides institutional participants the flexibility to build custom liquidity pools by selecting from more than 30 OTC liquidity providers. Institutions can leverage CROSSx's API adapters to connect directly with these counterparties and negotiate spreads, depth, and settlement terms. Additionally, participants can leverage post trade integrations between CROSSx and prime brokers such as Ripple Prime and BitGo Prime to net settle all activity across the platform while maintaining direct, liquidity management relationships with market makers.

CROSSx Disclosed also delivers low cost trading with a dynamic rate card built off the success of CROSSx anonymous trading. CROSSx Disclosed charges zero up-front fees and does not assess monthly minimums. Instead, participants on CROSSx tally their volumes across the entire ecosystem, be it disclosed, undisclosed, maker, or taker, and benefit in fee reductions based on total activity.

"CROSSx Disclosed is a natural and complementary evolution of our anonymous marketplace," said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. "Demand is sky high for high performing, low latency systems that provide connectivity across the ecosystem, and CROSSx delivers this in spades, with single digit microsecond matching and the ability to execute 1 million orders per second. The game changer here is that CROSSx connectivity spans across prime brokers, notably Ripple Prime where CROSSx Disclosed clients can access 30+ makers while net settling with Ripple Prime, thus materially driving down total costs to trade."

Built on the success of CROSSx, the industry's first ECN and first-ever execution-only trading venue, CROSSx Disclosed aims to deliver the world's most robust order routing functionality, which measures liquidity providers' real time behavioral characteristics such as fill ratios, response times, and market impact. Where CROSSx Anonymous brought to market a best-in-class venue in mitigating market impact, CROSSx Disclosed aims to deliver best-in-class price discovery with the majority of liquidity providers cross connected to CROSSx in Equinix LD4, Equinix NY4, or AWS Tokyo. CROSSx Anonymous and Disclosed are supported by Crossover's primary prime broker Ripple Prime.

"As traditional and digital finance converge, institutions require market infrastructure that meets the same bar of neutrality, governance, and risk controls to which they are accustomed," said Michael Higgins, International CEO of Ripple Prime. "CROSSx Disclosed enables institutions to net settle all activity through Ripple Prime while maintaining direct relationships with their market makers, delivering necessary operational flexibility and capital efficiency without new counterparty risk. We're proud to continue our longstanding partnership with Crossover and to deliver a best-in-class trading experience to our shared clients."

Key features of CROSSx Disclosed include:

• Global Access: Available in LD4, NY4, and AWS Tokyo, with TY3 joining soon to broaden global reach.
• Commercial Model: Non-SaaS, commission-based, pay-as-you-go model, with stablecoin versus fiat commissions waived for all taker participants. Commissions start at 1 bps and scale down to 0.5 bps for higher volume clients.
• Settlement Options: Flexible settlement through Ripple Prime, BitGo, or Bilateral, providing choice and control for institutions.
• Instrument Coverage: Approximately 200 symbols are currently available with more to be added by request.
• Price Stream Flexibility: Participants can choose aggregated or unaggregated price streams, aligning visibility with their execution strategy.
• Advanced Order Types: Users benefit from CROSSx's customizable Smart Order Matching logic in addition to a suite of advanced order types such as pegged, iceberg, dark, flash and post-only, in addition to Market and Limit with IOC, FOK, DAY and GTC - Time in Force.
• Connectivity: Institutions can connect seamlessly via FIX API, REST, or GUI, supporting both automated and discretionary trading.

"Institutional participants benefit from greater control combined with price transparency, speedy execution, and efficient settlement," said Thomas Restout, CEO of B2C2.  "CROSSx Disclosed aims to deliver these efficiencies, and B2C2 is contributing to this ecosystem as a core market maker. Our rates, deep order books, and robust risk profile continue to make us a liquidity provider of choice within this innovative new trading environment."

"Market structure in digital assets is moving toward a more continuous, connected and institutionally aligned model," said Michael Lie, Global Head of Digital Assets at Flow Traders. "CROSSx Disclosed supports this shift by combining high-performance execution with direct access to multiple liquidity providers and efficient post-trade integration, which are key to scaling institutional participation."

"As a significant market maker in digital assets across spot, futures and ETF markets, Virtu provides genuinely unique pricing to the OTC markets," said Scotte Moegling, Head of Business Development for Digital Assets at Virtu Financial. "The CROSSx Disclosed platform provides transparency and enhanced technological performance that will enable Virtu to expand our connectivity to global participants while customizing our pricing based on counterparty profile and need."

"Da Vinci Trading has been at the forefront of algorithmic market making across global traditional derivatives markets and digital asset markets for over a decade," said Erik Lubach, Head of Business Development at Da Vinci Trading. "We are deliberate about the venues where we deploy our own capital, supporting deep, high-quality liquidity with transparency and integrity. CROSSx Disclosed stands out for the right reasons — microsecond execution, genuine price transparency, and a post-trade framework that meets the standards we expect. We're glad to be part of this ecosystem that benefits all market participants."

"CROSSx Disclosed brings transparency and efficiency to the market. The infrastructure in place provides a solid platform for institutional clients and liquidity providers," said Nikita Masyukov, CEO of Alber Blanc. "Stelaxis, Alber Blanc's OTC spin-off, will provide liquidity on CROSSx Disclosed. Stelaxis's best-in-class liquidity provision will enable clients to trade the full spectrum of coins at tight spreads and low costs."

About Crossover Markets
Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company's execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry's fastest and most advanced matching engine and includes order logic that enables clients to choose with whom they want to trade. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering in the next big wave of institutions in the crypto market. For more information, visit www.crossovermarkets.com.

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SOURCE Crossover Markets