Crossover Markets Secures $31 Million Series B, Valuing Firm at $200 Million for Institutional Digital Asset ECN

Crossover Markets, the institutional digital asset trading technology firm behind CROSSx, an execution-only cryptocurrency electronic communication network (ECN), has announced the successful completion of its $31 million Series B financing round. The funding values Crossover Markets at $200 million and was led by Tradeweb Markets, a global leader in electronic trading across asset classes.

Additional participants in the round included industry leaders such as DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial.

Brandon Mulvihill, Co-Founder and Chief Executive Officer of Crossover Markets

Brandon Mulvihill, Co-Founder and Chief Executive Officer of Crossover Markets, stated:

“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.”

Beyond the investment, Tradeweb plans to offer its global clients access to Crossover’s institutional spot crypto liquidity through Tradeweb’s algorithmic order-routing technology. Crossover’s bespoke anonymous and disclosed bilateral liquidity pools are engineered to provide higher-quality liquidity and enhanced execution outcomes for institutional investors, differentiating from transactions on centralised exchanges. This collaboration underscores Tradeweb’s commitment to modernising market structure via innovative trading protocols, embedded analytics, and technology infrastructure that bridges traditional and digitally native financial markets.

Billy Hult, CEO of Tradeweb

Billy Hult, CEO of Tradeweb, commented:

“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.”

The proceeds from the financing will be allocated to enhancing CROSSx’s technology stack, expanding global operations, and deepening integrations with institutional partners. Since its inception, CROSSx has facilitated over $50 billion in notional trading volume across 12 million trades and supports nearly 100 live participants. As one of the industry’s first execution-only crypto ECNs, CROSSx is designed to eliminate conflicts of interest by concentrating solely on execution, providing a neutral platform where institutions can trade anonymously and efficiently without the bundled services often associated with other platforms. For those looking to understand the different options for institutional execution, reviewing various best ECN brokers can provide further insight into market models.

The involvement of other prominent financial institutions, including DRW Venture Capital, Illuminate Financial, Virtu Financial, and XTX Markets, reflects traditional finance’s increasing influence in shaping digital asset market structure. These firms collectively bring regulatory expertise, disciplined risk management, and global distribution networks crucial for bridging traditional capital markets and cryptocurrency trading. This institutional adoption further highlights the growing demand for robust crypto prime brokerages and advanced trading solutions.

Crossover Markets and CROSSx are at the forefront of this evolution, serving as a primary venue for institutional crypto trading by offering low-latency execution, advanced order types, and seamless connectivity via FIX protocols. These capabilities are recognised by crypto-native market leaders such as Ripple and Wintermute Ventures. With this financing, Crossover Markets is well-positioned to further solidify CROSSx as a venue of choice for institutional digital asset trading, driving liquidity and continuous innovation across an increasingly interconnected financial ecosystem. This focus on institutional execution also extends to methods like crypto OTC trading, which is crucial for large block trades that seek to minimise market impact.

For LiquidityFinder’s audience of institutional FX and crypto participants, the success of Crossover Markets underscores the ongoing convergence of traditional finance infrastructure with the digital asset space. As the demand for sophisticated, low-latency execution and high-quality liquidity solutions grows, platforms like CROSSx become vital components of the broader trading ecosystem, impacting how retail brokers and prime brokerages access and manage digital asset liquidity. Understanding these evolving market structures is key for any firm operating in or looking to enter the institutional digital asset sector, ensuring access to optimal trading conditions and infrastructure.

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