CrossTower

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CrossTower
Crosstower logo.png
Founded 2020
Headquarters Jersey City, New Jersey
Key People Kapil Rathi link=http://www.marketswiki.com/wiki/Kapil_RathiKapil Rathi, CEO and Co-Founder; Kristin Boggiano; Bryan Christian, Global Head of Exchange

link=http://www.marketswiki.com/wiki/Kristin_BoggianoiKristin Boggianoa, President and Co-Founder

Employees 11 - 50
Products Cryptocurrency trading platform
Twitter @crosstower_ex
LinkedIn Profile
Website Crosstower
Blog https://medium.com/@crosstower

CrossTower is a cryptocurrency trading platform. It provides incentives in the form of fee rebates to liquidity takers in order to attract new traders to the platform and introduce them to cryptocurrency trading. (Most other trading platforms incent market-making, that is, posting resting orders on the order book.)

The company received $6 million in new funding in June 2020, about a month after it began operation.[1]

The platform offers trading in cryptocurrency-to-cryptocurrency pairs involving bitcoin, Ether, Litecoin, USDC, Bitcoin Cash, XRP, Stellar, Chainlink, Basic Attention Token, ZCash and Dogecoin.

Background

Two long-time securities and derivatives trading executives, Kapil Rathi link=http://www.marketswiki.com/wiki/Kapil_RathiKapil Rathi and Kristin Boggiano link=http://www.marketswiki.com/wiki/Kristin_BoggianoiKristin Boggianoa, established CrossTower early in 2020, after working together at AlphaPoint, a blockchain software development company. Rathi, who had been COO at AlphaPoint, had earlier been at Cboe, Bats, ISE and the NYSE. Boggiano, an attorney, was chief legal officer and on the executive committee of AlphaPoint and had previously worked at the SEC, CFTC, Schulte Roth and Guggenheim Partners. CrossTower's unique selling proposition is providing rebates to liquidity takers instead of the usual model of paying market makers in the hopes of spurring new customers to trade cryptocurrencies.[2]

The company launched a bitcoin investment fund in February 2021 with $20 million under management. Competing against incumbents like Grayscale's highly successful bitcoin trust with a much lower, 0.6% management fee, Boggiano said that the CrossTower Bitcoin Fund would be "the most plain-vanilla of the suite of offerings that we expect to be popular."[3]

On March 8, 2021 CrossTower announced that its trading volume in February had reached a record level of $150 million.[4]

The company added to its management roster in early June 2021 with the hiring of Bryan Christian as global head of exchange. He is responsible for managing CrossTower’s exchanges, expanding the product offering, and growing the company’s transaction business. Earlier, Christian was head of sales at Cboe Global Markets and head of institutional services for Old Mission, an ETF market maker.[5]

References