Crossover and CBOE to develop a crypto-clearing solution

The institutional-focused trading platform Crossover Markets has agreed with CBOE Digital to develop a clearing solution for spot and futures contracts settled in digital assets.

Crossover’s flagship product is CROSSx — an electronic trading system for buying and selling cryptocurrencies designed for institutional clients.

CROSSx will be used by the clearing arm of CBOE Digital Exchange, CBOE Clear Digital.

“CBOE Clear Digital will deliver operational and technical efficiency, as well as improve collateral management,” said John Palmer, president of CBOE Digital.

The co-founder of Crossover Markets Brandon Mulvihill said the collaboration would bolster competition in trade execution and reduce trading commissions.

In April 2022, Crossover Markets Group was founded by former employees of the investment bank Jefferies.

In June 2023, CFTC approved the application CBOE Clear Digital to offer trading of marginable futures on Bitcoin and Ethereum.

In December 2017, CBOE became the first traditional exchange to launch Bitcoin futures, briefly ahead of its rival—the CME.

In June 2019, amid a bear market, the platform removed the product from listing.

In May 2022, CBOE acquired the regulated crypto platform ErisX, renaming it to CBOE Digital Exchange.