Thinking Crypto News & Interviews
The Shocking Truth About Institutional Crypto Investment in 2025 with Brandon Mulvihill
Thinking Crypto News & Interviews
•October 22, 2025•45 min
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Thinking Crypto News & Interviews•Oct 22, 2025
Key Takeaways
- •Crossover Markets launched first crypto ECN, disrupting CLob model
- •Crypto settlement times approach real‑time, reducing FX friction
- •Crypto institutional fees hundreds per million, FX fees dollars
- •Tokenized stablecoins could boost FX efficiency and competition
- •Crossover serves brokers, hedge funds, market makers with microsecond execution
Pulse Analysis
In this episode, host Tony Edward sits down with Brandon Mulvihill, co‑founder and CEO of Crossover Markets, to trace his two‑decade journey from traditional FX trading at FXCM and Jefferies to the burgeoning world of institutional crypto. Mulvihill explains how his deep‑rooted experience building retail and prime brokerage businesses gave him a unique perspective on market structure, leading him to view crypto as a cross‑border currency ecosystem rather than a stock‑like market. This background sets the stage for why Crossover Markets pursued a fundamentally different execution model.
Crossover Markets introduced the first electronic communication network (ECN) for digital assets, challenging the industry‑wide reliance on central limit order books (CLob). By separating liquidity providers, custodians, and brokers, the platform delivers tighter spreads, anonymous trades, and microsecond‑level execution—often an order of magnitude faster than legacy venues. Mulvihill highlights the stark fee disparity: crypto institutions currently pay hundreds of dollars per million traded, while traditional FX markets operate at a few dollars per million. This fee compression, combined with real‑time settlement enabled by tokenization, creates a compelling value proposition for retail brokers, hedge funds, and market makers seeking efficient price discovery.
The conversation also explores how emerging dollar‑backed stablecoins and other tokenized fiat currencies, spurred by legislation like the Genius Act, could reshape foreign‑exchange dynamics. Faster, near‑instant settlement reduces settlement risk and operational friction, potentially driving greater competition and lower costs across the FX landscape. Mulvihill argues that as more institutions adopt ECN‑style crypto venues, the market could unlock trillions of dollars in previously untapped volume, bridging the gap between traditional finance and decentralized trading. The episode underscores that institutional crypto investment hinges on robust market structure, transparent pricing, and the ability to execute without market impact—areas where Crossover Markets aims to lead.
Episode Description
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets, joined me to discuss how the company is helping institutions trade crypto more efficiently.
Topics:
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Institutional Crypto Trading habits and trends
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Stablecoins impact on the FX Market
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Crypto M&A to Surge after CLARITY Act passes
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Tokenization of assets
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TradFi crypto adoption
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⏰ Time Stamps ⏰
00:00 Intro
02:07 Brandon's background
06:27 Crypto and FX Markets
09:40 Stablecoins and the FX market
14:54 Crossover Markets overview
18:34 Using Blockchain for Settlement?
23:47 Demand from institutions
27:54 TradFi disrupting crypto platforms
31:13 M&A surge after CLARITY Act passes
33:40 Tokenization of assets
35:46 Building on Canton Network
41:14 Wrap up questions
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