Ex-Jefferies execs launch crypto exchange for institutional traders  

Two former Jefferies executives are launching Crossover Markets Group Inc., a crypto exchange for institutional traders.  

The exchange aims to increase the speed at which investors can trade cryptocurrencies by lower latency, which describes how long it will take for an action to be completed.

Institutional interest in this nascent space is growing, with one study by Fidelity Digital Assets showing that 7 out of ten institutional investors expect to buy or invest in cryptoassets in the near future.


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The two co-founders, Brandon Mulvihill and Anthony Mazzarese, both spent five years at Jefferies, according to their LinkedIn. Mulvihill was managing director, and Global Head of FX Prime Brokerage, and Mazzarese was Global Head of FXPB Distribution. They’re working with Vlad Rysin, formerly an executive at Euronext FX, a foreign exchange trading firm, according to his LinkedIn.

“There seems to be a notion that latency doesn’t matter when it comes to trading crypto. We disagree,” said Mazzarese in a statement, reported by Bloomberg. “We polled our network of institutional relationships globally, and one of the biggest and most common requirements was reliable 24/7 technology with the same service levels and customization features they are accustomed to in other markets such as FX or equities.”

A funding round is expected in late summer or early fall 2022.

"While the vast majority of traditional institutional clients are not yet in crypto, we believe this is rapidly changing,” said Mulvihill in a statement. “As the market matures, so should the technological advancements of the exchanges.”

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Anushree covers how U.S. businesses and corporations are moving into crypto. She has written about business and tech for Bloomberg, Newsweek, Insider, and others. Reach out on Twitter @anu__dave

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