Two ex-Jeffries executives are teaming up to form Crossover Markets Group Inc as an institutional crypto exchange. Anthony Mazzarese and Brandon Mulvihill were former heads of foreign exchange prime brokerage at Jeffries.
They join Euronext FX Chief Technology Officer (CTO), Vla Rysin, in forming Crossover Markets Group Inc. Vla Rysin is also a co-founder at Fast Match. The newly formed crypto exchange company is processing the final details on its seed round. It is set to launch towards the end of the year. Crypto Lists is aware the launch is slated for late summer or early fall.
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What gap will the crypto exchange address?
The three former executives team up to form a crypto exchange that targets to serve TradeFi institutions and crypto native organisations that crave low latency infrastructure. It describes how long an action takes to complete. Mazzarese dispelled the notion that latency is not a factor to consider when trading crypto.
From their pool of institutional relationships globally, they identify that one of the most significant and common requirements is a round-the-clock reliable technology. This technology must offer similar service levels and customisation features that these institutional investors are accustomed to in other markets, including equities and FX. He highlighted that this is what Crossover Markets Group Inc will provide.
Barriers to entry?
There has been overwhelming institutional interest in the developing industry. A study by Fidelity Digital Assets shows that seven out of ten institutional investors anticipate purchasing or investing in crypto. The co-founders of Crossover Markets Group Inc exploit the gap between traditional institutional investors in the cryptocurrency industry. They view significant barriers to entry for institutional investors. An ideal example is the uncertainty around custody of digital assets and the lack of market for institution-only venues.
One of the co-founders, Anthony Mazzarese, highlighted this as an opportunity for the company. He commended the traction made by retail crypto exchanges in addressing and filling some of the gaps. However, he believes that the market is in dire need of institutional only counterparties.
There is an increased institutional demand to break away from the available supply of viable venues. Mazzarese insisted that institutional investors are not accustomed to trading on cloud-based or locally hosted technology with insubstantial support. They expect instant response periods and reliable trade confirmations.
Leverging cutting-edge tech
Brandon Mulvihill recognises that a significant majority of the custom institutional investors are yet to join the crypto industry. However, it is rapidly changing with the maturity of the market. He urges that as the market matures, it entails the need for technological advancements in the crypto exchanges. There is a growing belief that the crypto industry will overtake traditional investment vehicles within a decade.
The Crossover Markets Group Inc believes that the experience of Vlad Rysin’s experience in developing ultra-low latency exchanges for larger institutions will greatly benefit the company. This will allow Crossover Markets Group to approach the market with one of the most rapid, robust engines in crypto. The decision to build from scratch enables the use of highly advanced and cutting-edge technology rather than relying on the legacy tech that is over a decade old. Mazzarese stated this as a key differentiator with the company’s exchange.
Who are Crossover Markets Group Inc founders
Crypto Lists conducted a background check on the founders of Crossover Markets Group Inc. Brandon Mulvihill and Anthony Mazzarese rely on their individual five-year experience at Jeffries. They both joined Jeffries in 2017 after the company acquired Foreign Exchange Company (FXCM). Brandon had been part of FXCM since 2004 and ended his tenure as Managing Director – Global Head of FXCM Pro.
At Jeffries, Mulvihill served as the Managing Director and Global Head of FX Prime Brokerage. Anthony Mazzarese initially joined FXCM in 2004 before leaving for Citi in 2010 as head of FX Margin Sales Americas. He returned to FXCM in 2015 and served the Jeffries Financial Group Inc as Global Head of FXPB Distribution.
A bit of background
The two former Jeffries executives are working with Vlad Rysin, formerly an executive at Euronext FX. He is one of the cofounders of FastMatch FX, an electronic trading venue in the spot foreign exchange market. It was founded in 2012. Euronext led an acquisition of 90% of the company in 2017 for $153 million. Rysin was appointed the Chief Technology Officer of the combined company. Before founding FastMatch FX, he was also the Chief Technology Officer (CTO) of Credit Suisse’s fixed income clearing corporation division and head of core electronic trading.