Crossover partners with BitGo to offer anonymous trading and clearing

The partnership will see the incorporation of Crossover's execution-only ECN with BitGo Trust's regulated custody offering and Go Network clearing solution. This aims to enable investors to access liquidity conveniently, with mitigated counterparty risk.

Anonymous trading and clearing solutions

The partnership comes at a time when institutional interest in digital assets is accelerating. Traditional finance players are increasingly looking for a digital asset infrastructure that unifies security standards and trading frameworks available in regulated equities and FX markets.

Crossover's CROSSx platform features an anonymous, low-latency matching engine which aligns with the market’s demand. Following this collaboration, the platform will be accessible via the BitGo Go Network. An important feature of the network for institutions includes investor assets which remain securely within BitGo Trust’s insured custody until the time of settlement. This helps eliminate trade-offs between security, liquidity, and capital efficiency.

Crossover aims to offer a solution that helps with the high fees charged by vertically integrated exchange methods. It chose BitGo for its custodial assets, noting that the company is suited to address the topic of fungibility, allowing CROSSx to enter the market with optimised tech, lower prices, and the ability to eradicate market impact.

BitGo is committed to offering its clients liquidity access in a variety of ways to compress fees and cost of capital while maintaining a high standard of security. The company mentioned that the addition of Crossover's CROSSx ECN brings unique advantages that will play a critical role in the liquidity mix of its clients.

With this partnership, which is expected to commence in April, institutional clients will be able to easily buy select cryptocurrencies on one venue and sell them on another while having BitGo Trust as a common counterparty. This fungibility, a mark of traditional finance, reduces settlement risk and will further improve the trading process for institutional clients who seek freedom to trade directly across various liquidity sources.