EDX Markets has added proprietary trading firm Raven to its institutional crypto venue, with Raven already connected and trading as a liquidity provider. Although the companies call the arrangement a strategic partnership, the operational substance is direct: Raven places executable bids and offers into EDX’s central limit order book, competes with other market makers, and can help institutional participants execute with reduced market impact if quoting depth and competition are strong enough.
Raven, founded in 2023 by Petar Kostov and Yuriy Myronovych—both former Wintermute executives—operates from Milan and Sofia and provides liquidity across centralized exchanges, decentralized venues, and prediction markets. It quotes spot and perpetual markets, which may help the firm hedge EDX fills across venues and keep quotes aligned. EDX’s structure separates trading from custody and uses a central clearinghouse, a design closer to traditional market infrastructure than a vertically integrated crypto exchange. That separation can reduce customer asset exposure to the execution venue, but it does not remove counterparty, settlement, or operational risk, and clearing concentrates risk in the central counterparty.
EDX did not disclose the specific instruments Raven will quote, minimum quoting obligations, or whether liquidity incentive programs apply. The next useful disclosure would be quantitative—monthly volume, active participants, average spreads, depth at defined price intervals, and clearing activity. EDX CEO Tony Acuña-Rohter said liquidity providers play an important role in building efficient and resilient markets, while Raven co-founder Petar Kostov said EDX’s marketplace aligns with the firm’s operating model and that Raven intends to support its growth. The venue reiterated that products are available only to institutions in the United States and certain other jurisdictions.
In a separate retail-focused move, Moomoo is integrating Crossover Markets’ CROSSx electronic communication network into its U.S. digital-asset offering. CROSSx supplies liquidity aggregation, matching, and Smart Order Matching from the NY4 data center, connecting Moomoo’s retail interface to institutional-grade execution technology. Crossover says CROSSx can return order acknowledgements in less than ten microseconds and handle bursts of messages during volatile trading, though that speed is only one part of the execution chain; final retail results also depend on internet latency, risk checks, available quotes, routing, counterparty response, and settlement.
Crossover describes CROSSx as quote-driven rather than a simple public central limit order book. Its Smart Order Matching considers price, size, time, and performance characteristics, allowing customized interactions between makers and takers. That model can tailor liquidity and avoid undesirable counterparties, but it also makes routing less transparent unless Moomoo publishes its routing policy, conflicts, and execution monitoring. Crossover states it is execution-only and does not provide custody or brokerage or face clients from a credit perspective. Moomoo says it serves more than 30 million investors globally, but that figure is not limited to U.S. crypto customers, and the companies have not identified the entity holding U.S. crypto assets, a supported-asset list, fee schedule, or state-eligibility map.
The common theme across both announcements is modular crypto market infrastructure: one company owns the customer relationship, another runs execution, market makers provide liquidity, and separate custodians may hold assets. That can let each provider focus on one function, but it creates handoffs that must work continuously. The test for both EDX and Moomoo will be whether the new connectivity improves observable execution quality—spreads, depth, fill rates, rejection rates, and reliable post-trade data—rather than simply adding another name to the participant list.
