Impressive Q1 2024 Performance Data Released by Crossover Markets for CROSSx Platform
Crossover Markets Reports Impressive Q1 2024 Performance for CROSSx Platform
Digital asset technology firm Crossover Markets has announced the outstanding performance data for the first quarter of 2024 from its flagship digital assets platform, CROSSx. According to a press release, CROSSx executed a notional trading volume of $3,153,752,406 through 415,450 trades during Q1.
In addition to the impressive trading volume, CROSSx processed over 141 billion quotes, further solidifying its position as a thriving digital asset exchange. The platform also maintained fast execution times, 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.
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, expressed excitement about the platform’s performance, stating that CROSSx is the fastest venue and among the fastest-growing institutional venues in the digital world. He highlighted the increasing proportion of trades that are “Order Crossing Order” (OXO), which currently accounts for approximately 10% of all trades executed on CROSSx.
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. This capability sets CROSSx apart from competitors, as it supports both quote-driven and order-to-order matching within a single trading session.
In a related development, centralized cryptocurrency exchanges (CEXs) like Binance experienced significant growth in trading volumes between October 2023 and March 2024. Bybit’s 2024 Institutional Industry Report revealed that OKX saw a 278% increase in 30-day volumes, followed by Binance with a 239% surge. Bybit exchange also demonstrated impressive growth, adding 264% to its trading volumes during the same period.
Despite the growth of CEXs, decentralized exchanges (DEXs) have seen even more rapid expansion. Uniswap v3, a leading DEX, experienced a 320% increase in volumes during the same period, surpassing $2 trillion in lifetime trading volume.
Overall, the performance data from Crossover Markets and the growth trends in the cryptocurrency exchange industry indicate a dynamic and evolving landscape for digital asset trading.
