Crossover Markets, a digital asset trading technology firm focused on institutional crypto liquidity, announced it has raised $31 million in a Series B financing round, valuing the company at $200 million.
The funding round was led by Tradeweb Markets, a global electronic trading platform for multiple asset classes. Additional investors participating in the round included DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets.
Crossover Markets operates CROSSx, an execution-only cryptocurrency electronic communication network (ECN) designed to deliver ultra-low latency trading for institutional participants. The platform focuses solely on trade execution and separates that function from custody and other services commonly bundled by centralized exchanges, which the company says helps eliminate conflicts of interest.
Alongside the investment, Tradeweb plans to integrate access to Crossover’s institutional spot crypto liquidity into its electronic trading infrastructure. Through Tradeweb’s algorithmic order-routing technology, global clients will be able to access liquidity on the CROSSx network.
The partnership signals a growing convergence between traditional financial markets and digital assets, as established market infrastructure providers expand into institutional crypto trading.
Crossover said the proceeds from the Series B financing will be used to enhance CROSSx’s technology platform, expand global operations, and deepen integrations with institutional trading partners.
Since launch, the CROSSx platform has processed more than $50 billion in notional trading volume across over 12 million trades. The network currently supports nearly 100 live participants and provides capabilities such as low-latency execution, advanced order types, and connectivity through FIX protocols.
The company positions CROSSx as a neutral execution venue for institutional investors seeking efficient and anonymous crypto trading, particularly for high-frequency and algorithmic strategies.
With backing from both traditional financial institutions and crypto-native firms, Crossover Markets aims to expand its role as infrastructure supporting institutional digital asset markets.
KEY QUOTES:
“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.”
Brandon Mulvihill, Co-Founder And Chief Executive Officer Of Crossover Markets
“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.”
Billy Hult, Chief Executive Officer Of Tradeweb Markets
