Ex-Jefferies executives, former CTO of Euronext FX to start crypto exchange

Ex-Jefferies executives, former CTO of Euronext FX to start crypto exchange

Three former traditional financial managers have teamed up to found the latest cryptocurrency exchange aimed at institutional investors.

Anthony Mazzarese and Brandon Mulvihill, former director of the Foreign Exchange Prime Brokerage at Jefferies, have teamed up with fast match co-founder Vlad Rysin to found the Crossover Markets Group.

The co -founders recognized the large entry barriers for traditional institutional customers, such as: B. Questions about the custody of digital assets and the lack of purely institutional trading places on the market, Mazzarese told Blockworks.

"The retail crypto bonds do an excellent job to fill part of the gap, but we believe that the market for counterparties is starving on institutions with a stronger focus," said Mazzarese. "The increase in institutional demand begins to exceed the available supply of profitable event locations."

The crossover Markets Group is building up for the official start, which is planned for late summer or early autumn. The company completes its seed financing round and plans to carry out a series of Series A later this year.

Both Mazzarese and Mulvihill used to work at fxcm and Mazzarese was previously Citis Head of Foreign Exchange Margin Sales in America.

rysin was a co-founder of Fastmatch FX in 2012, an electronic trading center on the Spot-Devisenmarkt.

Euronext acquired 90 % of the company for $ 153 million in 2017, and Rysin became Chief Technology Officer of the merged company. Before the introduction of Fastmatch, Rysin CTO was the Fixed Income Clearing Corporation Division of the Credit Suisse and Head of the Core Electronic Trading.

"I share the view that institutional customers who start in crypto need an infrastructure with low latency, advanced order logic and deep liquidity in addition to a robust list of offered coins," he said in a statement. "While it is still very early for institutional customers to join crypto, we are building up our stock exchange for the future and are happy to become a primary place for digital assets."

Institutional customers are not used to acting with a limited support with a cloud-based or locally hosted technology, said Mazzarese. They require response times in microseconds and reliable trade confirmations.

rysin's experience in building stock exchanges with extremely low latency for large financial institutions will enable the crossover markets group to be launched with one of the fastest and most robust matching engine in the crypto area, he said.

"Our decision to develop our product from scratch enables us to use the latest technology instead of relying on Legacy technologies that could already be 10 or 15 years old," said Mazzarese. "We believe that this is really our distinguishing feature."

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The contribution ex-jefferies Execs, former Euronext FX CTO to launch crypto Exchange is not a financial advice.