Crossover Markets Launches CROSSx Disclosed on Ripple Prime Settlement

Crossover Markets has launched CROSSx Disclosed, an institutional cryptocurrency trading platform that settles all activity through Ripple Prime while allowing institutions to maintain direct relationships with their market makers. The platform is designed for institutional desks that need transparent, disclosed counterparty trading without losing control of their liquidity relationships.

Crossover published the announcement May 13.

What CROSSx Disclosed Does

CROSSx Disclosed functions as an electronic communications network, known as an ECN, for cryptocurrency markets. An ECN, a system that matches buy and sell orders directly between participants without routing through a central dealer, gives institutions visibility into counterparty identity before a trade executes.

That disclosure feature is the product’s primary differentiator from anonymous dark-pool alternatives.

The platform settles net positions through Ripple Prime, Ripple’s institutional settlement and liquidity service. According to the PR Newswire release, institutions using CROSSx Disclosed can compress gross trading activity into a single net position, reducing the number of on-chain settlement transactions and associated costs. XRP (XRP) serves as the settlement asset within Ripple Prime’s infrastructure.

Also Read: XRP Tops Bitcoin and Ether Volumes on South Korean Exchanges

Background

Ripple has spent the past two years expanding its institutional product suite beyond its core payment-messaging network.

Ripple Prime launched as a service targeting crypto-native institutions, offering credit, liquidity, and settlement infrastructure. The CROSSx Disclosed integration represents one of the first third-party trading platforms to plug directly into Ripple Prime for trade settlement.

Prior to this, most institutional crypto trading platforms settled bilaterally, requiring each counterparty to independently manage custody and transfer. The Crossover arrangement centralizes that function through Ripple’s rails while keeping the trading layer disclosed and relationship-driven.

Crossover Markets previously operated a non-disclosed institutional venue before expanding to the disclosed model.

Also Read: WazirX Launches Crypto Futures Trading After $230 Million Hack

Outlook

The launch arrives as institutional demand for compliant, transparent crypto trading infrastructure grows alongside regulatory clarity in the United States. Net settlement through a single provider reduces operational risk for treasury teams that manage multiple market-maker relationships.

How broadly CROSSx Disclosed is adopted will depend on whether Ripple Prime’s settlement capacity and credit terms compete favorably with existing bilateral custodian arrangements used by large crypto desks.

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