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Crossover Markets Releases Q1 2024 Performance Data
Digital asset technology firm Crossover Markets has unveiled impressive performance data for Q1 2024 from its flagship digital assets platform, CROSSx.
Trading Volume and Execution Times
During the first quarter of the year, CROSSx executed a notional trading volume of $3,153,752,406 through 415,450 trades. Additionally, the platform processed over 141 billion quotes, solidifying its position as a thriving digital asset exchange.
Fast Execution Times
The execution times on CROSSx in Q1 were notably fast, 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.
Key Performance Indicators
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, stated, “After several quarters of consistent growth, we are thrilled to report CROSSx data that reveals we are the fastest venue and among the fastest-growing institutional venues in the digital world.”
OXO Trades and Platform Differentiation
Anthony Mazzarese, Co-Founder and Chief Commercial Officer of Crossover, highlighted the increasing proportion of “Order Crossing Order” (OXO) trades on CROSSx, which currently accounts for approximately 10% of all trades. He emphasized the platform’s hybrid ECN model that sets it apart from competitors.
CEX Trading Volume Trends
Centralized cryptocurrency exchanges (CEXs) like Binance have seen a significant surge in trading volumes between October 2023 and March 2024. Notably, OKX, Binance, and Bybit experienced substantial growth during this period, outpacing the industry’s average growth rate.
Decentralized Exchanges (DEXs) Growth
While CEXs have shown impressive growth, decentralized exchanges (DEXs) like Uniswap v3 have experienced even more rapid expansion. Uniswap v3, for instance, witnessed a 320% increase in volumes during the same period, surpassing $2 trillion in lifetime trading volume.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
