Crossover Markets, the institutional digital asset trading technology firm behind CROSSx, one of the industry’s first execution-only digital asset electronic communication networks (ECN), has closed a $31m Series B financing round, valuing the company at $200m.
The round was led by Tradeweb Markets, a global leader in electronic trading across asset classes. Additional participants include DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial.
Alongside the investment, Tradeweb plans to offer its global clients access to Crossover’s institutional spot digital asset liquidity through its algorithmic order-routing technology. Crossover’s anonymous and disclosed bilateral liquidity pools are designed to deliver higher-quality liquidity and improved execution outcomes for institutional investors compared to transacting on centralised exchanges.
Proceeds from the financing will be used to enhance CROSSx’s technology stack, expand global operations, and deepen integrations with institutional partners. Since launch, CROSSx has matched more than $50bn in notional trading volume across 12 million trades and supports nearly 100 live participants.
Crossover Markets is headquartered in Wilmington, Delaware, with operations worldwide. Its flagship platform, CROSSx, delivers ultra-low latency matching, anonymous trading, and advanced tools designed for high-frequency and algorithmic strategies.
Crossover Markets co-founder and chief executive officer Brandon Mulvihill said, “We are pleased to announce our Series B financing and are grateful to both our existing and new investors, whose support is a testament to the transformative role CROSSx is playing in the digital asset ecosystem.
“Institutions are demanding the same speed, transparency, and efficiency they rely on in traditional markets, and few Wall Street leaders understand those standards better than Tradeweb, one of the world’s leading multi-asset marketplaces. Combining CROSSx’s single-digit microsecond matching performance with Tradeweb’s global distribution will mark a significant step forward for institutional crypto trading. Clear separation of duties is fundamental to market structure, and Crossover is purpose-built to serve as the industry’s execution layer and principal market.”
Tradeweb CEO Billy Hult said, “This collaboration marks Tradeweb’s entry into institutional crypto, a natural next step in our multi-asset strategy.
“Institutional investors are increasingly turning to crypto to express macro views and manage risk in a 24/7 global market. As adoption grows, the market needs trusted, institutional-grade infrastructure. Through this planned integration with Crossover, our goal is to extend Tradeweb’s electronic execution standards into crypto — with the liquidity, transparency and discipline our clients expect.”
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