Crossover Markets Group has become the first external technology venue to provide connectivity to Cboe Digital, a US-regulated exchange and real-time clearinghouse for spot cryptocurrencies and futures, via its flagship CROSSx product.

The collaboration provides a clearing solution for trades across multiple digital asset execution platforms. 

CROSSx, an execution-only cryptocurrency electronic communications network (ECN) which was launched in in March and is backed by US-based hedge fund Two Sigma and Nomura, offers institutional and intermediary clients a platform to execute spot cryptocurrency trades, complementing Cboe Digital’s native exchange. 

Cboe Digital Exchange’s clearing arm, Cboe Clear Digital, is a traditionally structured central counterparty for clearing and settlement.   

To complement this relationship with a US-based clearing broker, Crossover is expanding its data center footprint to Equinix’s NY4, adding to its existing presence in Equinix’s LD4 for international counterparties. The onshore presence of production servers is expected to avoid unnecessary latency in execution, helping to ensure an enhanced experience for Cboe Digital and Crossover clients.