Crossover Markets has closed a $31 million Series B round, giving the digital asset trading technology firm a $200 million valuation. Tradeweb Markets led the financing, and the investor list also included DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures and XTX Markets. The raise arrived alongside a planned commercial link: Tradeweb clients are expected to gain access to institutional spot crypto liquidity through Crossover’s trading network.
The deal adds a concrete bridge between established electronic trading infrastructure and digital asset market venues. That matters. The backers in this round come from both traditional finance and crypto-native trading, showing how market structure in digital assets is being built with tools and standards long used in other asset classes.
CROSSx focuses on execution without bundled brokerage or custody
Crossover operates CROSSx, an electronic communication network built for institutional participants in crypto markets. The platform uses an execution-only model, so participants interact on the venue without the bundled brokerage and custody services commonly found on many digital asset exchanges. In traditional finance, that separation is standard across many market segments.
The company says the platform is built around low-latency execution aimed at high-frequency and algorithmic trading strategies. Since launch, CROSSx has processed more than $50 billion in notional trading volume across about 12 million trades, with close to 100 active participants on the network. For institutional traders, those details are not cosmetic; venue design, matching speed and liquidity access can directly affect execution quality on large orders.
Tradeweb plans to route institutional orders into Crossover liquidity pools
Under the planned integration, Tradeweb will connect its algorithmic order routing technology to Crossover’s institutional spot crypto liquidity. If implemented as described, institutional clients using Tradeweb’s platform will be able to send orders into Crossover’s liquidity pools from an electronic trading setup they already use across other markets.
Tradeweb runs electronic marketplaces across rates, credit and equities, and its infrastructure is widely used by banks, asset managers and institutional investors. Linking that environment to crypto spot liquidity would place digital asset execution inside a framework that is much closer to the operating model institutions know from traditional markets.
Crossover co-founder and chief executive officer Brandon Mulvihill said the company was pleased to complete the Series B and thanked both existing and new investors for their support. He said institutions expect the same speed, transparency and efficiency in digital assets that they rely on in traditional markets. Mulvihill also said CROSSx delivers single-digit microsecond matching performance, and that combining that with Tradeweb’s global distribution would be an important move for institutional crypto trading.
Traditional trading firms deepen their role in crypto market infrastructure
Investors such as DRW Venture Capital, Virtu Financial and XTX Markets are major participants in global financial markets, with experience in liquidity provision, electronic execution and algorithmic trading. Their involvement in this round points to a wider pattern: firms shaped by traditional market structure are taking a more direct role in building digital asset venues and liquidity networks.
Tradeweb chief executive officer Billy Hult said the partnership with Crossover represents Tradeweb’s entry into institutional crypto and fits its multi-asset strategy. He added that institutional investors are increasingly using crypto markets to express macro views and manage risk in a 24/7 global market, creating demand for trusted, institutional-grade infrastructure. Hult also said Tradeweb wants to extend its electronic execution standards into crypto through the planned integration, with the liquidity, transparency and discipline its clients expect.
Crypto market structure is moving closer to the traditional model
Crypto trading has historically been dominated by retail activity and centralized exchanges that combine custody, brokerage and execution on a single platform. Institutional participants often want a different setup. Neutral execution venues, advanced connectivity and clearer market structure tend to matter more when order sizes are larger and execution requirements are tighter.
Platforms like CROSSx apply the ECN model to digital assets by concentrating on order matching and liquidity access rather than packaged exchange services. The source material also notes that institutional liquidity pools can support either anonymous trading or disclosed bilateral relationships, with the format affecting execution outcomes and transaction costs. The Crossover-Tradeweb tie-up shows established financial firms moving to connect crypto liquidity with existing electronic trading rails, while the market will decide how well these systems handle larger volumes and broader institutional participation.