Institutional crypto trading firm Crossover Markets has secured $31 million in fresh capital. The Series B round values the company at $200 million and signals growing demand for institutional-grade crypto execution infrastructure.
The funding was led by Tradeweb Markets, with participation from Ripple, Virtu Financial, DRW Venture Capital, Illuminate Financial, Wintermute Ventures, and XTX Markets. The raise follows a $12 million Series A completed in June 2024 led by Illuminate Financial and DRW Venture Capital.
Crossover Markets
Crossover said proceeds will support development of CROSSx, its execution-only crypto electronic communication network. According to the company, the platform has processed more than $50 billion in notional trading volume across roughly 12 million trades and now supports nearly 100 active participants.
Can Institutional Liquidity Infrastructure Scale With Crypto Demand?
Institutional participation in crypto trading has accelerated as traditional market operators explore digital asset infrastructure. Tradeweb, which runs electronic marketplaces across fixed income, equities, and money markets, facilitated more than $2.6 trillion in average daily notional trading volume over the past four fiscal quarters.
Through the partnership, Tradeweb plans to route its global client flow into Crossover’s institutional spot crypto liquidity pools. The integration uses Tradeweb’s algorithmic order routing technology, potentially connecting established institutional trading desks to crypto execution venues.
“Combining CROSSx’s single-digit microsecond matching performance with Tradeweb’s global distribution will mark a significant step forward for institutional crypto trading,” said Brandon Mulvihill.
He added that separating execution from principal trading functions is central to building institutional-grade market structure in digital assets.
The investment also signals strategic interest from large trading firms and liquidity providers seeking exposure to crypto infrastructure. Participants such as Virtu, Wintermute, and XTX already operate across electronic markets, giving them experience in latency-sensitive trading environments.
For Tradeweb, the partnership marks its first direct move into institutional crypto market connectivity.
“This collaboration represents our entry into institutional crypto,” said Billy Hult.
The next catalyst will be whether CROSSx adoption expands as traditional trading desks test crypto execution networks that mirror the structure of established electronic markets.
