Crossover Markets Processes $2 Billion in Trades via BitGo

Crossover Markets has reported processing cumulative trading volume exceeding $2 billion (approximately 2.686 trillion KRW) via BitGo’s Go Network, according to Crypto Briefing on April 14. The reporting period, customer composition, and official confirmation from BitGo have not been disclosed.

The transactions were executed through Crossover Markets’ institutional electronic communication network (ECN), CROSSx, which connects buyers and sellers without holding client assets directly. Crossover Markets describes its platform as offering anonymous trading with ultra-low latency matching for institutional clients.

CROSSx is marketed as an institutional digital asset ECN emphasizing quote-based matching and smart order routing. The platform separates trade execution from custody, keeping client assets in a custodial state rather than on the trading network itself. BitGo’s Go Network serves as a settlement infrastructure separating trade execution, asset custody, and payment processing.

BitGo explains that Go Network reduces settlement risk by separating custody, trading, and payment processes. The platform also supports off-exchange trades without requiring assets to be moved to exchanges beforehand. The collaboration between the two companies was publicly announced in March 2025, with Crossover Markets stating at the time that CROSSx combined with BitGo’s qualified custody and Go Network settlement solutions would allow institutional clients to access multiple liquidity sources while reducing counterparty risk.

While services were scheduled to launch in April 2025, the exact timing for reaching $2 billion in volume has not been disclosed. Under this structure, institutional clients can buy digital assets on one venue and sell them on another while using BitGo as a common settlement counterparty. This approach maintains assets in custody status rather than holding them directly at exchanges until settlement occurs after trades are executed.

It’s worth noting that Crossover Markets’ total trading performance differs from the reported $2 billion figure, which refers specifically to transactions processed through Go Network. In March 2026, Tradeweb announced a $31 million Series B investment in Crossover Markets, stating that CROSSx had matched over 12 million trades with more than $50 billion (approximately 67 trillion KRW) in nominal trading volume since its launch.

The $2 billion figure relates to transactions processed through BitGo’s settlement network, while the $50 billion refers to CROSSx’s total nominal trading volume. Crossover Markets also launched CROSSx Disclosed in May 2026, designed for relationship-based trading with over 30 market makers and institutional clients, supporting net settlement through BitGo Prime.

Both services share a common structure separating trade execution from asset custody and settlement. The current case demonstrates how the separation of execution, custody, and settlement is being implemented in institutional digital asset trading. However, further verification is needed regarding the timeframe, asset breakdown, and customer composition behind the $2 billion figure.