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Crossover Markets’ Digital Asset Exchange Achieves Over $3.15 Billion in Trading Volume in First Quarter of 2024
Digital asset technology company Crossover Markets has unveiled remarkable performance statistics for Q1 2024 from its primary digital assets platform, CROSSx.
In the first quarter, CROSSx recorded a notional trading volume of $3,153,752,406 through 415,450 trades, as stated in a press release issued on Thursday.
Moreover, CROSSx processed over 141 billion quotes, further reinforcing its status as a robust digital asset exchange.
CROSSx Ensures Rapid Execution Times
The execution times on CROSSx during Q1 were exceptionally swift, according to industry benchmarks.
The platform achieved notable outcomes, with 75% of orders to acknowledgment completed in under 7 microseconds and 99% in less than 10 microseconds.
In a similar vein, 75% of orders to feed were completed in under 8 microseconds, with 99% below 11 microseconds.
“After several quarters of steady growth, we are pleased to share CROSSx data that indicates we are the fastest venue and among the fastest-growing institutional venues in the digital landscape,” stated Brandon Mulvihill, Co-Founder and CEO of Crossover Markets.
Mulvihill also pointed out the rising share of trades that are “Order Crossing Order” (OXO), which currently represents about 10% of all trades executed on CROSSx.
He noted that this feature further highlights the platform’s capabilities and demonstrates its value to both market makers and takers, as evidenced by its commercial model.
“Today, we are excited 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/1ZvcbHH1jY pic.twitter.com/P1n7sbUrMV
— Crossover Markets (@crossover_mkts) April 25, 2024
Anthony Mazzarese, Co-Founder and Chief Commercial Officer of Crossover, discussed CROSSx’s hybrid ECN model, which enables quote-driven OTC market makers to provide liquidity alongside makers and takers who submit passive and aggressive orders for OXO matching.
He remarked that this functionality differentiates CROSSx from its competitors, as it accommodates both quote-driven and order-to-order matching within a single trading session.
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Takers can engage with market makers’ quotes or cross with another taker while trading within makers’ spreads, ultimately securing optimal prices.
“This pricing power is stimulating increased trading activity, and the top three types of participants on the platform thus far are institutions employing electronic trading strategies, market makers seeking to hedge their inventory, and retail brokers,” Mazzarese stated.
“Clients can decide whether they wish to engage with quote-driven or firm liquidity – or both – while makers have the capability to tailor different price streams for various trading strategies.”
CEX Trading Volume Triples in 2024
Centralized cryptocurrency exchanges (CEXs) such as Binance have experienced a significant rise in trading volumes from October 2023 to March 2024, according to Bybit’s 2024 Institutional Industry Report released on April 18.
Notably, OKX recorded a 278% increase in 30-day volumes since October, closely followed by Binance, which experienced a 239% rise.
Bybit exchange also showcased substantial growth, adding 264% to its trading volumes during the same timeframe.
These exchanges have surpassed the industry’s average growth rate of 255%, as confirmed by a representative from Bybit.
The U.S.-based exchange Coinbase also saw growth, though slightly lagging with a 193% increase in trading volume.
However, the growth of CEXs has not outpaced the even faster expansion of decentralized exchanges (DEXs).
Leading DEX Uniswap v3, for example, experienced a 320% increase in volumes during the same period, as highlighted in Bybit’s data.
As reported, Uniswap has exceeded $2 trillion in lifetime trading volume.
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