Crossover Markets’ Digital Asset Exchange Surpasses $3.15 Billion in Trading Volume in Q1 2024

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Digital asset technology firm Crossover Markets has released impressive performance data for Q1 2024 from its flagship digital assets platform, CROSSx.

During the first quarter of the year, CROSSx executed a notional trading volume of $3,153,752,406 through 415,450 trades, according to a Thursday press release. 

Additionally, CROSSx processed over 141 billion quotes, further solidifying its position as a thriving digital asset exchange.

CROSSx Maintains Fast Execution Times

The execution times on CROSSx in Q1 were notably fast, as measured by industry standards.

The platform achieved impressive results, with 75% of orders to acknowledgement completed in less than 7 microseconds and 99% below 10 microseconds. 

Similarly, 75% of orders to feed were below 8 microseconds, with 99% below 11 microseconds. 

“After several quarters of consistent growth, we are thrilled to report CROSSx data that reveals we are the fastest venue and among the fastest-growing institutional venues in the digital world, Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, said. 

Mulvihill also highlighted the increasing proportion of trades that are “Order Crossing Order” (OXO), which currently accounts for approximately 10% of all trades executed on CROSSx. 

He said that this feature further distinguishes the platform’s capacity and showcases its value to both market makers and takers, as demonstrated by its commercial model.

Today, we are thrilled to announce several key performance indicators from Q1 trading on our flagship digital asset trading venue CROSSx. Read more on our Q1 2024 volumes and execution time highlights, and hear from our leadership team in the full release: https://t.co/1ZvcbHH1jYpic.twitter.com/P1n7sbUrMV

— Crossover Markets (@crossover_mkts) April 25, 2024

Anthony Mazzarese, Co-Founder and Chief Commercial Officer of Crossover, mentioned CROSSx’s hybrid ECN model, which allows quote-driven OTC market makers to provide liquidity alongside makers and takers who post passive and aggressive orders for OXO matching. 

He said that this capability sets CROSSx apart from competitors, as it supports both quote-driven and order-to-order matching within a single trading session. 

Takers can interact with market makers’ quotes or cross with another taker while trading within makers’ spreads, ultimately achieving optimal prices.

“This pricing power is driving more trading activity, and the top three types of participants on the platform to date are institutions running electronic trading strategies, market makers looking to hedge their inventory and retail brokers,” Mazzarese said. 

“Clients can choose whether they would like to interact with quote-driven or firm liquidity – or both – while makers have the ability to customize different price streams for different trading strategies.”

CEX Trading Volume Triples in 2024

Centralized cryptocurrency exchanges (CEXs) like Binance experienced a large surge in trading volumes between October 2023 and March 2024, according to Bybit’s 2024 Institutional Industry Report released on April 18.

Notably, OKX saw a 278% increase in 30-day volumes since October, followed closely by Binance, which saw a 239% surge. 

Bybit exchange also demonstrated impressive growth, adding 264% to its trading volumes during the same period.

These exchanges have outpaced the industry’s average growth rate of 255%, as confirmed by a spokesperson for Bybit. 

The U.S.-based exchange Coinbase also witnessed growth, albeit slightly trailing behind with a 193% increase in trading volume.

However, the CEX growth hasn’t surpassed the even more rapid expansion of decentralized exchanges (DEXs). 

Leading DEX Uniswap v3, for instance, saw a 320% increase in volumes during the same period, as highlighted in Bybit’s data.

As reported, Uniswap has surpassed $2 trillion in lifetime trading volume.

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