Crossover Markets Reports Record $5 Billion in October Trading Volume on CROSSx

2 weeks ago

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Crossover Markets, the institutional digital asset trading technology firm behind CROSSx—the world’s first execution-only cryptocurrency platform and first Electronic Communication Network (ECN) for crypto—announced record-breaking results for October 2025. The platform matched $4.96 billion in notional OTC trading volume and executed 1.39 million trades during the month, setting a new performance milestone for the rapidly expanding venue.

Nahead 100 institutional participants are now live on CROSSx, operating through more than 1,200 independent FIX sessions. The figures highlight the scale and complexity of the market interactions made possible by CROSSx’s architecture, which combines low latency with high throughput to deliver unparalleled execution quality. The system maintained 100% uptime throughout October, reinforcing its reliability as an institutional-grade infrastructure provider.

“The market events that unfolded on October 10 underscored the dangers of blending credit, settlement, and liquidity,” said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. “CROSSx’s execution-only model separates these elements, assisting us win market share based purely on technology and operational excellence. Our focus is on eliminating market impact and reducing spreads for all participants.”

Takeaway

CROSSx recorded nahead $5 billion in October trading volume, cementing its position as the quickest and most reliable ECN for .

Introducing CROSSx 2.0: New Order Types and Next-Generation Infrastructure

Following its record month, Crossover Markets recently rolled out CROSSx 2.0, an enhanced version of its flagship trading engine. The upgrade introduces new order types—including post-only, iceberg, and peg-to-mid—and offers clients the flexibility to design bespoke order logic tailored to their execution needs. These features enable institutional participants to fine-tune strategies while optimizing liquidity and execution precision.

The upgraded framework also allows for intra-week system releases without downtime, maintaining full continuity across global trading sessions. CROSSx continues to operate from Equinix LD4 (London) and Equinix NY4 (New York) data centers, with Equinix TY3 (Tokyo) scheduled to go live in Q1 2026. This setup mirrors the infrastructure standards of traditional , combining physical hosting with ultra-low latency performance.

“Our goal is to create a seamless, institution-ready marketplace that matches the efficiency of traditional finance,” Mulvihill added. “CROSSx 2.0’s flexibility and speed allow us to deliver next-generation performance while ensuring clients always stay connected and competitive.”

Takeaway

The launch of CROSSx 2.0 expands order functionality and ensures uninterrupted innovation, supporting institutions with millisecond-level precision and liquidity control.

Global Expansion and the Next Phase of AI-Powered Liquidity

As part of its , Crossover Markets announced its entry into the U.S. market, extending its reach beyond Europe and preparing for further growth in Asia in 2026. The planned deployment of bare-metal infrastructure in Tokyo will create a unified across major trading hubs, positioning CROSSx to become the industry’s first AI-enabled, globally connected ECN for digital assets.

By integrating artificial intelligence into order routing, the company aims to enhance liquidity discovery and execution optimization across continents, creating real-time, data-driven connectivity for institutional participants. This approach will also improve cross-market pricing efficiency and resilience under volatile trading conditions.

“Our expansion into Asia and the implementation of AI within our routing architecture will deliver the industry’s first truly global liquidity pool,” said Mulvihill. “This evolution represents a new standard in digital asset trading—where technology, transparency, and speed converge to redefine institutional execution.”