Crossover Markets Secures $31M in Series B Financing Round

Crossover Markets has completed a $31 million Series B financing round, valuing the digital asset trading infrastructure firm at $200 million. The round was led by Tradeweb Markets Inc., with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial.

According to the company, the funding reflects continued backing from both existing and new investors as the firm develops infrastructure for institutional digital asset trading.

Brandon Mulvihill, Co-Founder and Chief Executive Officer of Crossover Markets, said the financing highlights the role of the company’s trading platform, CROSSx, in the digital asset ecosystem. He stated that institutional participants expect the same speed, transparency, and efficiency they experience in traditional markets, adding that collaboration with Tradeweb could expand the platform’s reach. Mulvihill noted that combining CROSSx’s single-digit microsecond matching performance with Tradeweb’s distribution network may support the development of institutional crypto trading infrastructure.

Crossover Markets Secures $31M in Series B Financing Round

Alongside the investment, Tradeweb plans to give its global clients access to Crossover’s institutional spot crypto liquidity using Tradeweb’s algorithmic order-routing technology. Crossover operates anonymous and disclosed bilateral liquidity pools that are for institutional investors and structured to offer an alternative execution environment compared with centralized crypto exchanges.

Billy Hult, Chief Executive Officer of Tradeweb, said the collaboration represents the company’s entry into institutional crypto markets. He added that institutional investors are increasingly using crypto assets to express macro views and manage risk in a continuously operating global market. Hult said the planned integration with Crossover is intended to bring Tradeweb’s electronic execution framework into the digital asset space while maintaining the liquidity and transparency standards expected by its clients.

Crossover Markets said the proceeds from the Series B round will support further development of the CROSSx technology stack, expansion of global operations, and additional integrations with institutional partners.

The participation of financial firms such as DRW Venture Capital, Illuminate Financial, Virtu Financial, and XTX Markets reflects continued involvement from traditional finance institutions in the development of digital asset market infrastructure.

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