Ex-Jefferies executives to launch a Bitcoin exchange for institutional traders

Former Jefferies investment-bank employees Brandon Malvihill and Anthony Mazzarese will launch an institutionally focused cryptocurrency trading platform, Crossover Markets Group. Bloomberg reports.

The exchange is aimed at improving execution speed by reducing the latency of trade finalisation.

At Jefferies, Malvihill served as managing director and CEO of the broker-dealer FX Prime, and Mazzarese was head of the FXPB distribution desk.

“There is a belief that latency does not matter when it comes to cryptocurrency trading. We disagree. One of the biggest and most common demands has been reliable 24/7 technology with the same level of service and customisation features to which they are used on other markets. As the cryptocurrency market matures, exchange technology should also evolve,” the statement said.

The platform’s seed round is expected in late summer–early autumn 2022, according to The Block.

Earlier in March 2022, the U.S. investment bank Cowen запустил an institutional-investors–focused division for trading and custody of digital assets, Cowen Digital.

In July 2021, the investment firm JC Flowers acquired 30% of the shares of the operator of the institutional bitcoin exchange LMAX Digital.

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