Crossover Markets, an institutional cryptocurrency trading technology provider, has secured $31 million in Series B funding at a valuation near $200 million. Tradeweb Markets led the round, joined by DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets.
The round follows a $12 million Series A in June 2024. Crossover specializes in high-speed execution and liquidity access for institutional clients. Its flagship platform, CROSSx, is an execution-only electronic communication network designed to separate trade execution from principal market-making, reducing potential conflicts of interest. Since launch, CROSSx has matched over $50 billion in notional volume across more than 12 million trades, serving nearly 100 active institutional participants.
Funding to Scale CROSSx Trading Network
Proceeds will be directed toward enhancing CROSSx's matching engine and global operational presence. The platform already achieves single-digit microsecond latency. CEO Brandon Mulvihill said Crossover Markets was built as a pure execution layer for institutional digital asset markets, deliberately staying away from proprietary trading. He added that combining CROSSx's ultra-low latency with Tradeweb's distribution could significantly boost institutional crypto execution efficiency.
Tradeweb Integration Unlocks $2.6 Trillion Daily Volume Pipeline
Alongside the investment, Tradeweb confirmed plans to connect its global trading network with CROSSx's liquidity infrastructure. Tradeweb operates electronic marketplaces across rates, credit, equities, and money markets, handling over $2.6 trillion in average daily notional volume over the past four fiscal quarters. CEO Billy Hult called the partnership Tradeweb's formal entry into institutional crypto trading services, citing growing demand for regulated digital asset liquidity among global clients.
Ripple's Participation Signals Institutional Alignment
Ripple's involvement in the round underscores deepening collaboration between digital asset firms and traditional market infrastructure providers. The blockchain payments company, known for cross-border settlements and CBDC projects, is extending its footprint into institutional trading infrastructure. Mulvihill emphasized that separating execution from market-making is CROSSx's core design logic—proven in traditional markets and now applied to digital assets to reduce counterparty risk and conflicts.
With $31 million in fresh capital and strategic partners like Tradeweb and Ripple, Crossover Markets is positioned to strengthen its foothold in the institutional crypto trading infrastructure space, as the industry shifts from a crypto-native model to a hybrid traditional-crypto ecosystem.