Crossover Markets plans U.S. launch as Trump embraces crypto: report

Crossover Markets Group Inc., a London-based digital asset trading firm founded by foreign exchange veterans, is preparing to launch its platform in the United States.

Part of this launch was driven by growing institutional interest and a shift in the regulatory climate under President Donald Trump, according to Bloomberg reporting. 

Established in 2022 by former Jefferies executives Brandon Mulvihill and Anthony Mazzarese, along with former Euronext FX CTO Vladislav Rysin, Crossover had previously steered clear of U.S. clients. 

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.