Institutional digital asset trading technology firm Crossover Markets has announced record trading performance in October, with its crypto ECN CROSSx matching $4.96 billion in notional trading volume and 1.39 million trades throughout the month of October 2025. Crossover said that nearly 100 participants are live on CROSSx, with over 1,200 independent FIX sessions in production, highlighting the complexity of interactions available on the platform.
CROSSx is the industry’s first ECN and first-ever execution-only trading venue, boasting what Crossover calls the fastest matching engine in the cryptocurrency world, with trades matched in single-digit microseconds. CROSSx operates 24/7 and posted 100% uptime in October. Like traditional financial platforms, CROSSx is hosted in bare metal in Equinix LD4 and Equinix NY4, with Equinix TY3 expected to launch in Q1 2026.
Brandon Mulvihill (pictured above), Co-Founder and CEO of Crossover Markets said,
“The market events that unfolded on Friday, October 10th highlighted the risks of mixing credit and settlement with liquidity provisioning. We are extremely proud of the fact that we continue to win market share based on our technical capacity and operating model. Rather than through means of holding clients captive or standing as a counterparty to trades, our operating model positions us for success in all market conditions through technology that works to eradicate market impact and reduce spreads.”
Crossover recently announced the launch of CROSSx 2.0, which delivered a series of new order types, unparalleled performance in order routing, and an architectural framework to perform system releases intra week without disruption. Participants now have access to post-only, iceberg, and peg-to-mid order types, as well as the capacity for bespoke order types based on client demand. The system upgrade comes at a time when Crossover is expanding its geographical footprint, having recently announced its expansion into the United States.
Mulvihill continued,
“As we continue to expand our global reach, the entry of CROSSx into the United States complements our current presence in Europe. Our planned expansion into bare metal in Asia next year will position us to implement artificial intelligence into our current order routing practice, allowing us to network the industry’s first, truly global liquidity pool.”
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. Crossover is run by former FXCM Pro head, Co-Founder and CEO Brandon Mulvihill.
