Crossover Markets has appointed Lik Hui Lim as Director of Business Development, establishing its first dedicated presence in the Asia-Pacific region, where institutional clients are driving rapid growth for the crypto trading platform.

Crossover Markets Hires Singapore Executive for APAC Growth Push

The London-based company, which operates the CROSSx electronic communication network for digital assets, has been aggressively expanding its geographic footprint. Earlier this year, Crossover announced plans to enter the U.S. market as regulatory conditions improve under the Trump administration.

Lim joins from Cboe Global Markets, where he spent over eight years in FX and market data sales roles. His career spans major financial institutions including FIS and CEB (now Gartner), with experience across both Hong Kong and U.S. markets. Based in Singapore, he brings fluency in English, Mandarin, and Cantonese.

The hire comes as Crossover reported $13.5 billion in trading volume last year and closed a $12 million Series A funding round in June 2024. The company says momentum is accelerating among institutional investors seeking alternatives to retail-focused crypto exchanges.

APAC Appetite Grows for Institutional Trading

Crossover's ECN model borrows heavily from foreign exchange market infrastructure, offering anonymous execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term and deep liquidity pools. The platform separates trade execution from custody, addressing counterparty risk concerns that have plagued centralized crypto platforms.

The company's founders - Brandon Mulvihill, Anthony Mazzarese, and Vladislav Rysin - are FX veterans who launched Crossover in 2022. Their approach targets professional trading firms accustomed to the speed and flexibility found in traditional currency markets.

For institutional investors, the appeal lies in tight spreads and low-latency execution typically missing from crypto venues dominated by retail traders. Crossover says roughly 10% of trades on its platform are "Order Crossing Order" transactions, where institutional flow meets institutional flow without market maker intermediation.

Recent partnerships underscore growing institutional adoption. Talos, which provides trading technology for digital assets, integrated with CROSSx last year. GCEX Group also tapped the platform to expand its crypto market offerings for professional investors.

Regulatory Tailwinds Drive Expansion

The timing of Crossover's APAC expansion coincides with improving regulatory clarity across multiple jurisdictions. Singapore has emerged as a key hub for crypto firms seeking stable oversight, while Hong Kong has reopened its doors to digital asset businesses.

Crossover initially avoided the U.S. market due to regulatory uncertainty under the Biden administration. However, Trump's return to the White House and promises of crypto-friendly policies have changed the company's calculus. CEO Mulvihill said the team began preparing for a U.S. launch following the election results.

The regulatory thaw has reignited interest among global crypto firms that previously steered clear of American markets. Industry observers expect more offshore platforms to establish U.S. operations as the new administration takes shape.

Crossover is reportedly considering another funding round Funding Round Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Startups look to raise capital can participate in a funding round. These refers to the various rounds of funding that occur upon proof of concept, customer base growth, and the probability of success. While they are various types of funding rounds, the most commonly seen in startups include the following funding rounds: Seed, Series A Fundraising, Series B Fundraising, and Series C Fundraising. In order for a funding round to take place, a valuation must be performed by analysts for the business Read this Term to meet growing demand. The company's Series A was led by Illuminate Financial and DRW Venture Capital, providing capital to scale operations and expand geographically.