Crossover Markets secures $31M for crypto expansion

Crossover Markets raised $31M in Series B led by Tradeweb, valuing it at $200M. Funds will expand CROSSx for institutional crypto trading, with Tradeweb integrating its client network.

Crossover Markets has raised $31 million in a Series B funding round led by Tradeweb, bringing the company’s valuation to $200 million. Other participants in the round include Ripple, DRW Venture Capital, Virtu Financial, Wintermute Ventures, Illuminate Financial, and XTX Markets. The new capital will support the expansion of CROSSx, Crossover Markets’ electronic communication network (ECN) tailored for institutional crypto trading. CROSSx has already processed over $50 billion in notional volume, highlighting its growing role in the market. As part of the agreement, Tradeweb will route institutional spot crypto orders to CROSSx using its algorithmic order-routing technology, connecting its global client base to Crossover’s liquidity. This partnership marks Tradeweb’s formal entry into institutional crypto markets and aims to address challenges like market fragmentation and liquidity, contributing to the maturity of digital asset trading infrastructure.