Crossover Markets Charges Into U.S. as Trump Crypto Embrace Fuels Institutional Gold Rush
Wall Street’s latest crypto darling makes its move—just as political winds shift. Crossover Markets announces U.S. expansion plans amid Trump’s pro-digital asset stance, betting regulators will blink first in the custody wars.
The institutional liquidity platform—already serving 150+ hedge funds in Europe—aims to capitalize on America’s growing ’compliant FOMO.’ Their secret sauce? A matching engine that cuts settlement times by 83%, bypassing traditional prime brokers entirely.
Timing couldn’t be sharper. With the former president now accepting crypto donations and meme coins somehow becoming campaign issues, TradFi dinosaurs are scrambling to retrofit their compliance departments. One Goldman Sachs VP quipped: ’We’ll launch our Bitcoin desk right after the next 50% drawdown.’
For crypto natives, this is validation. For Washington? Another lobbying buffet. And for crossover traders? Just another asset class to arbitrage—until the SEC changes its mind again.
A pro-crypto United States
But following Trump’s return to office and his pro-crypto stance, the firm sees renewed opportunity in the world’s largest economy.
“We’ve been laying the operational groundwork needed to onboard U.S. participants so they can trade on the platform,” said CEO Mulvihill. Live trading on the firm’s CROSSx platform is expected by the end of Q2 or early Q3.
CROSSx operates as an electronic communication network, a model familiar to FX markets that enables anonymous, low-latency execution and deep liquidity — key features for institutional investors concerned about counterparty risk.
The platform separates execution from custody and allows for customizable liquidity pools.
The firm reported $13.5 billion in notional trading volume last year and closed a $12 million Series A funding round in June 2024, led by Illuminate Financial and DRW Venture Capital. Mulvihill said trading volumes have grown 30% to 50% quarter-over-quarter for four straight quarters, and a new fundraising round may be considered to meet demand.
Trump’s administration has promised to support digital asset innovation, appoint crypto-friendly regulators, and push for favorable legislation — developments that have reenergized global firms eyeing U.S. expansion.
