Former Jefferies investment bankers Brandon Mulvihill and Anthony Mazzarese intend to launch Crossover Markets Group, a crypto trading platform aimed at institutional traders, Bloomberg reports.
According to them, the crypto exchange aims to increase the speed of transactions by reducing the delay in the finalization of transactions.
At Jefferies, Mulvihill served as managing director and CEO of brokerage firm FX Prime, whereas Mazzarese held the position of head of distribution for FXPB. According to the statement:
“There is an opinion that delay does not matter when it comes to trading cryptocurrencies. We do not agree. One of the biggest and most common requirements was 24/7 reliable technology with the same level of service and customization features they are used to in other markets. As the cryptocurrency market matures, the technological capabilities of exchanges should also evolve.”
The platform’s seed round is expected in late summer/early fall.