The CrossTower crypto trading platform is launching a capital market counter for institutional customers.
At the top is securities industry veteran Greg Bunn, who will be hired as CrossTower’s chief strategy officer. Previously, Bunn was global head of counterparty strategy at foreign exchange giant Citadel and held senior positions at Deutsche Bank for over 16 years.
CrossTower expands its offering of spot exchanges and over-the-counter (OTC) deals, now offering loans for digital assets, trade finance, structured products and trade settlement in multiple locations.
“Ultimately, we have something that looks and feels a bit like what you see in prime brokerage,” said Bunn. “You cannot centralize the market because it is by definition decentralized, but you will at least have a networked infrastructure that will make the market more efficient.”
Prime Brokers are intermediaries for the financing and trading of institutional investors with deep pockets.
Several crypto firms, including Bequant, Coinbase, BitGo, and Genesis Trading, have announced their plans to expand their prime brokerage weapons in recent months.
“I would say the largest fund we have on board is around $ 500 million [assets under management]”Bunn said.” We have met the standards of an industrial-grade regulated stock exchange. “
While CrossTower is not targeting home users with the Capital Markets Desk, discussions with “retail intermediaries” like Wallet Aggregators are discussing becoming an exclusive partner for executing and financing commercial transactions, Bunn said.