Bakkt Teams with Crossover Markets to Power "BakktX" ECN with High-Performance Technology

Business Wire

June 6, 2024 at 8:15 a.m.·2 min read

Bakkt to further its U.S. institutional capabilities with its own high-performance trading venue

Crossover Markets to provide cutting-edge technology, including customized liquidity solutions combined with ultra-low-latency trade execution

ALPHARETTA, Ga., June 06, 2024--(BUSINESS WIRE)--Bakkt Holdings, Inc. (NYSE: BKKT) announced today that the company has tapped Crossover Markets to provide technology to help power "BakktX," its forthcoming crypto Electronic Communication Network (ECN).

"As institutional interest in crypto grows, further expanding Bakkt’s capabilities is a key priority," said Ray Kamrath, Chief Commercial Officer at Bakkt. "With the development of BakktX, we are positioning ourselves as an ideal partner for institutions seeking a compliant, qualified trading venue. This will be a truly groundbreaking solution that fulfills a currently unmet need in the U.S. market."

Designed specifically to meet institutional needs, BakktX will be powered by Crossover’s high-performance tech, providing institutional and professional traders with sub-10 microsecond matching latency, customizable and tailored liquidity streams, and significantly lower trading costs than incumbent crypto brokers and exchanges.

"As institutional crypto market structure continues to change, market participants are seeking execution models that compete on the merits of their technology and execution quality," added Brandon Mulvihill, Co-Founder and CEO of Crossover Markets. "At Crossover, we believe in optimizing the trading experience and delivering configurable liquidity to stitch siloed ecosystems together. We’re proud to be partnering with Bakkt and providing our institutional-grade technology to help bring BakktX to life."

BakktX will be available to Bakkt’s liquidity providers and a group of early adopters in the coming months. Users will benefit from Bakkt’s prioritization of risk management, reliability and compliance alongside capital markets-friendly workflows for digital assets trading. Bakkt will share more regarding the expected launch date in the near future. To learn more about Bakkt and the company’s solutions, visit www.bakkt.com.

About Bakkt

Founded in 2018, Bakkt builds solutions that enable our clients to grow with the crypto economy. Through institutional-grade custody, trading, and onramp capabilities, our clients leverage technology that’s built for sustainable, long-term involvement in crypto.

Bakkt is headquartered in Alpharetta, GA.

For more information, visit: https://www.bakkt.com/ | X (Formerly Twitter) @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/.

Bakkt-C

About Crossover Markets

Crossover Markets is a digital asset trading technology firm focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company’s execution-only cryptocurrency Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes order logic that enables clients to choose whom they want to trade with. Led by a team with decades of FX trading, prime brokerage technology and artificial intelligence experience, Crossover is ushering the next big wave of institutions in the crypto market. For more information, visit www.crossovermarkets.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240605142893/en/

Contacts

Bakkt
Investor Relations
IR@bakkt.com

Media
press@bakkt.com

Crossover Markets
Forefront Communications
crossover@forefrontcomms.com

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Bakkt Teams with Crossover Markets to Power "BakktX" ECN with High-Performance Technology

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