Share this article
Crossover Markets Teams With Credit Network Hidden Road to Enable Crypto Trading
The aim of the collaboration is to avoid conflicts of interest by decoupling trade execution from custody and brokerage.
Updated May 23, 2023, 7:00 a.m. Published May 23, 2023, 7:00 a.m.
Customers of Hidden Road, which provides prime brokerage and other trading services, are gaining access to the crypto trading platform run by Crossover Markets though a new collaboration, according to a statement.
Crossover operates an execution-only platform, meaning customers need a credit sponsor to trade. Unlike centralized exchanges, customers cannot open an account and send money as there's no settlement option or exchange option, only execution.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The aim of the collaboration is to avoid conflicts of interest by decoupling trade execution from custody and brokerage, allowing institutions the ability to freely choose their own credit counterparties.
Brandon Mulvihill, co-founder and chief executive officer of Crossover said in an interview with CoinDesk that since the fall of crypto exchange FTX and the current hostility from U.S. regulators toward CEXs, TradFi institutions have been scared away and don’t want to face centralized exchanges bilaterally anymore.
“Institutions want to trade crypto the way they would with any other traditional asset class,” Mulvihill said.
Hidden Road customers will have access to CROSSx, Crossover’s execution only communication network (ECN), to execute cryptocurrency spot transactions, according to the press release. Hidden Road is the first firm to onboard with CROSSx, which Crossover launched in March.
Mulvihill said that there are currently 50 customers onboarding, with 60% of these from TradFi companies and the rest crypto native.
“We believe this significant removal of operational friction from the ecosystem will materially increase trading volumes and decrease the costs of trading,” Mulvihill said.
Crossover’s seed investment round was funded by Flow Traders, Nomuera’s Laser Digital and Wintermute Ventures, among others.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
JPMorgan’s tokenized dollars are quietly rewiring how Wall Street moves money
The Wall Street titan’s recent embrace of a public blockchain is a harbinger of things to come.
What to know:
- The move from a private chain to Coinbase’s Base layer is driven by demand from institutions, JPMorgan said.
- The only cash equivalent options available in crypto are stablecoins, so there’s a need for a bank deposit product for payments on public chains, according to the Wall Street bank
- Typically JPM Coin can be used on Base as a means to either keep collateral or make margin payments for transactions related to crypto purchases.
Top Stories
