Crypto buying and selling platform CrossTower is launching a capital markets desk for institutional shoppers.
Main the desk is securities business veteran Greg Bunn, who’s being employed as CrossTower’s chief technique officer. Beforehand, Bunn served as international head of counterparty technique at overseas alternate big Citadel, and he additionally labored in senior roles at Deutsche Financial institution for greater than 16 years.
Increasing from its spot alternate and over-the-counter (OTC) buying and selling desk, CrossTower now gives digital asset lending, commerce financing, structured merchandise and commerce execution throughout a number of venues.
“Finally we find yourself with one thing that appears and feels a bit of bit like what you see within the prime brokerage house,” Bunn mentioned. “You may’t centralize the market as a result of it’s by definition decentralized, however you’ll a minimum of have extra linked infrastructure that makes the market extra environment friendly.”
Prime brokers are facilitators for financing and buying and selling for deep-pocketed institutional buyers.
A number of crypto companies together with Bequant, Coinbase, BitGo and Genesis Buying and selling have introduced in latest months their plans to construct out their prime brokerage arms.
“I’d say the most important fund that we’ve on board is round $500 million [assets under management],” Bunn mentioned. “What we’ve finished is to fulfill the requirements of an industrial-grade regulated securities alternate.”
Whereas CrossTower isn’t concentrating on retail customers with the capital markets desk, it’s in discussions with “retail intermediaries” like pockets aggregators about changing into an unique companion for commerce execution and financing, Bunn mentioned.