On March 5th, Crossover Markets, an institutional-grade digital asset trading technology company, announced the completion of a $31 million Series B funding round, valuing the company at approximately $200 million. The round was led by Tradeweb Markets, with participation from Ripple, DRW Venture Capital, Illuminate Financial, Virtu Financial, Wintermute Ventures, and XTX Markets, among others.
The funds will primarily be used to upgrade its institutional-grade encrypted electronic communications network, CROSSx, expand its global operations, and strengthen system integration with institutional clients. Data shows that CROSSx has facilitated over $50 billion in notional trading volume, completed 12 million transactions, and currently supports nearly 100 active institutional participants.
At the same time, Tradeweb Markets plans to leverage its algorithmic order routing technology to provide global clients with access to Crossover's institutional-grade spot crypto liquidity, marking the traditional electronic trading market operator's formal expansion into the institutional crypto trading sector.
