Bakkt Holdings, Inc. (NYSE: BKKT) announced recently that the company has tapped Crossover Markets in order to provide technology to help power “BakktX,” which is described as its forthcoming crypto Electronic Communication Network (ECN).
Ray Kamrath, Chief Commercial Officer at Bakkt said:
“As institutional interest in crypto grows, further expanding Bakkt’s capabilities is a key priority. With the development of BakktX, we are positioning ourselves as an ideal partner for institutions seeking a compliant, qualified trading venue. This will be a truly groundbreaking solution that fulfills a currently unmet need in the U.S. market.”
Designed specifically to meet institutional needs, BakktX will “be powered by Crossover’s high-performance tech, providing institutional and professional traders with sub-10 microsecond matching latency, customizable and tailored liquidity streams, and significantly lower trading costs than incumbent crypto brokers and exchanges.”
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets said:
“As institutional crypto market structure continues to change, market participants are seeking execution models that compete on the merits of their technology and execution quality. At Crossover, we believe in optimizing the trading experience and delivering configurable liquidity to stitch siloed ecosystems together. We’re proud to be partnering with Bakkt and providing our institutional-grade technology to help bring BakktX to life.”
BakktX will be available to Bakkt’s liquidity providers and “a group of early adopters in the coming months.”
Users will benefit from Bakkt’s prioritization “of risk management, reliability and compliance alongside capital markets-friendly workflows for digital assets trading.”
Bakkt will share more regarding the expected launch date in the near future.
Founded in 2018, Bakkt builds solutions “that enable our clients to grow with the crypto economy. Through institutional-grade custody, trading, and onramp capabilities, our clients leverage technology that’s built for sustainable, long-term involvement in crypto.”
Bakkt is headquartered in Alpharetta, GA.
As noted in the update, Crossover Markets is a digital asset trading technology firm focused on meeting “the unique liquidity requirements of institutions in the cryptocurrency markets.”
CROSSx, the company’s execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the matching engine and “includes order logic that enables clients to choose whom they want to trade with.”
Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover claims that it is “ushering the next big wave of institutions in the crypto market.”
