|Headquarters||Jersey City, New Jersey|
|Key People||Kapil Rathi , CEO and Co-Founder; Kristin Boggiano|
|Products||Cryptocurrency trading platform|
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.
Two long-time securities and derivatives trading executives, Kapil Rathi and Kristin Boggiano , 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.
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."
On March 8, 2021 CrossTower announced that its trading volume in February had reached a record level of $150 million.
- CrossTower secures $6 million seed funding round on its mission to mainstream digital asset investing and trading. GlobeNewsWire.
- Crypto exchange launched by former AlphaPoint execs turns pricing model on its head with taker rebates. The Block Crypto.
- CrossTower Launches Bitcoin Fund to Compete With Grayscale’s GBTC. CoinDesk.
- CrossTower trades record volumes of $150MM in the month of February. CrossTower.