BitGo and Crossover Markets have surpassed $2 billion in cumulative cleared notional volume, marking a significant milestone for institutional digital asset trading. The volume was executed on Crossover Markets’ CROSSx electronic communication network and cleared and settled through BitGo’s Go Network, the company’s regulated settlement infrastructure. The partnership, launched in 2025, implements a market structure that separates execution, custody, credit, clearing, and settlement functions, a model standard in traditional finance but historically uncommon in digital assets.
- Cleared Volume: $2 billion cumulative notional volume
- Execution Venue: CROSSx electronic communication network
- Settlement Infrastructure: BitGo’s Go Network
- Custody Provider: BitGo Bank & Trust
- Launch Date: 2025
The model addresses institutional concerns about counterparty and operational risk in digital asset trading. Rather than requiring clients to pre-fund individual exchanges, institutions execute trades on CROSSx while maintaining assets in qualified custody with BitGo Bank & Trust. BitGo serves as the central counterparty for clearing and settlement through a single credit relationship, eliminating the need to distribute capital across multiple trading relationships. The approach reflects how traditional financial markets operate, where execution venues remain separate from custodians and settlement providers.
As the digital asset market matures, serious institutions expect the same market structure and rules that they rely on in traditional markets. Combining CROSSx with BitGo’s regulated settlement infrastructure is designed to deliver that structure, with clear separation between execution, credit, and settlement.
The $2 billion milestone demonstrates that institutions are adopting this alternative to the vertically integrated exchange model. BitGo’s Go Network now supports multiple trading venues and counterparties beyond Crossover Markets, offering delivery-versus-payment and off-exchange settlement options. The growth signals institutional demand for infrastructure that reduces information leakage risks and conflicts of interest inherent in all-in-one provider models. BitGo, founded in 2013, provides custody, wallets, staking, trading, financing, and settlement services from regulated cold storage infrastructure.
