Crossover Markets Eliminates Commissions for Takers on USDT/USD and USDC/USD

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Oct 31, 2024, 04:00 ET

Fee relief to benefit brokers who accept stablecoins as funding for retail accounts, as well as other Taker clients on CROSSx Crypto ECN

LONDON, Oct. 31, 2024 /PRNewswire/ -- Crossover Markets, a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets and operator of the CROSSx crypto ECN, today announced that it will waive all commissions for Taker clients trading two popular stablecoin pairs, USDT/USD and USDC/USD, starting tomorrow, November 1, 2024. The announcement follows surging demand from retail brokers for CROSSx, the first and fastest ECN in the cryptocurrency markets.

"Retail brokers and industry participants without direct market access have faced significant fee pressure on their treasury trades to support stablecoins, with spreads and fees charged by payments providers and exchanges sometimes calculated in whole percentage points," said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. "Spreads across a range of pairs on our CROSSx crypto ECN are arguably the best in the world for retail trading, including for USDT/USD and USDC/USD. To further support our retail broker clients, we felt it best to eradicate commissions on the funding element for Taker participants."

Crossover's mission is to drive down the cost of trading digital assets by focusing on speed, throughput and tailored liquidity via its ECN model. This approach has successfully supported spread compression on the CROSSx crypto ECN, which currently matches 99% of trades in under 10 microseconds and processes billions of quotes per day from liquidity providers.

Mulvihill added, "In addition to tight pricing, CROSSx also addresses the need for advanced best execution practices. Crossover looks at price, size, time and several behavioral characteristics of each market maker and re-ranks every market maker on each trade, in real time. These innovations foster a fairer and more competitive environment."

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 the next big wave of institutions in the crypto market. For more information, visit www.crossovermarkets.com.

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SOURCE Crossover Markets