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Institutional clients have now pushed more than $2 billion in cumulative notional volume through CROSSx, Crossover Markets’ electronic communication network, with all of it cleared via BitGo’s Go Network.
What CROSSx and Go Network actually do
CROSSx is Crossover Markets’ execution-only ECN, meaning it matches buyers and sellers without ever touching client assets. The platform operates at single-digit microsecond latency, which puts it in the same speed tier as the infrastructure powering traditional equities venues. Trades are anonymous at the point of execution, a feature institutions tend to value highly when moving large blocks of digital assets.
BitGo’s Go Network handles the other side: acting as a central counterparty for net settlement while assets remain in regulated custody. Assets stay in BitGo’s custody throughout the process, which dramatically reduces the counterparty risk that has historically made institutional treasurers break out in hives at the mention of crypto trading.
Adam Sporn, BitGo’s Head of Prime Brokerage, framed the $2 billion figure as evidence of sustained institutional demand for infrastructure that prioritizes risk management and operational efficiency.
Crossover’s growth trajectory
The partnership between Crossover Markets and BitGo has been live since around April 2025, meaning the $2 billion milestone was reached in roughly 17 months. The company reported nearly $5 billion in matched volumes in the year prior to this announcement, suggesting that a significant share of its institutional flow is now routing through the BitGo settlement layer.
In May 2026, the company launched CROSSx Disclosed, a platform designed for relationship-based trading. Unlike the anonymous matching on the core ECN, Disclosed connects traders directly with over 30 market makers and uses net settlement through BitGo Prime.
Crossover closed a $31 million Series B round in March 2026, led by Tradeweb, the fixed-income trading giant that processes trillions in notional volume annually. Ripple and Virtu Financial also participated. The round valued Crossover at $200 million.
Why institutions care about separating execution and custody
The collapse of FTX in late 2022 left a scar on institutional crypto adoption that still hasn’t fully healed. When a single entity controls trade execution, asset custody, and settlement, the failure of that entity means clients lose everything simultaneously. The entire value proposition of platforms like CROSSx paired with Go Network is that no single point of failure can wipe out a client’s position, their assets, and their settlement pathway all at once.
Off-exchange settlement also solves a practical problem around capital efficiency. When institutions have to pre-fund exchange accounts to trade, they’re locking up capital that could be deployed elsewhere. Net settlement through a trusted custodian means firms can trade throughout the day and only move the net difference at settlement time.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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