CrossTower reports record 277% growth in trading volumes and raises $25M AUM in its financing business
NEW YORK – May 3, 2021 – CrossTower, one of the fastest growing crypto investment and trading firms, today reported record crypto trading volumes of $319 million in April – less than a year since the official launch of its US trading platform. CrossTower posted a 200% increase in trading volumes over the prior month as incumbents ceded market share to CrossTower.
“As the crypto industry continues to mature globally, discerning participants are gravitating to our platform because of our expanded world-class capabilities, including innovative financing solutions that have attracted more than $25M in new assets under management,” said Kapil Rathi, CEO of CrossTower.
In March, CrossTower reported USD158 million February trading volumes, nearly tripling the volumes traded on its platform since October 2020. CrossTower credits its growing dominance to the caliber of its platform, products and services. The firm recently launched a new capital markets desk, an intuitive wallet app, structured products and a new Bitcoin fund that offers accredited investors a seamless onramp to Bitcoin.
CrossTower’s growth has been further fueled by the addition of a new financing business with $25m assets under management. The financing division offers borrow and lending services to sophisticated institutions and hedge fund clients.
“Large institutions and hedge funds demand services they are used to in the traditional markets, such as borrowing, cash management, lending and risk management. At CrossTower we have built an infrastructure to facilitate these institutions’ success to achieve their investment goals and objectives.” said Greg Bunn, Chief Strategy Officer and Head of Capital Markets at CrossTower. Greg Bunn recently joined CrossTower from Citadel. CrossTower is the first digital asset firm to offer an exchange, structured products and funds with lending and trade financing, creating a full financial ecosystem for traditional firms.
Founded in 2019, CrossTower is a multi-asset investment and trading firm that empowers smart money to push the limits of what is possible with crypto. CrossTower launched its trading platform in 2020, and in 2021 introduced a capital markets desk with best-in-class services and products tailored to the needs of demanding traders and institutions, including hedge funds, family offices and other market participants. CrossTower has leveraged its vast experience in trading, technology, operational infrastructure, innovative pricing, regulations and compliance to make crypto and digital assets accessible to discerning retail and sophisticated institutional market participants.
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