Crossover Markets Secures $31 Million Series B Funding at $200 Million Valuation, Led by Tradeweb

Strategic partnership with Tradeweb to provide institutional spot crypto liquidity to global clients, reflecting the rapid convergence of traditional finance and digital assets

Additional participating investors include DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets

Crossover Markets (“Crossover”), the institutional digital asset trading technology firm behind CROSSx, one of the industry’s first execution-only cryptocurrency electronic communication networks (“ECN”), announced the successful completion of its $31 million Series B financing round. The round values Crossover at $200 million and was led by Tradeweb Markets (Nasdaq: TW), a global leader in electronic trading across asset classes, with participation from industry leaders including DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial.

“We are pleased to announce our Series B financing and are grateful to both our existing and new investors, whose support is a testament to the transformative role CROSSx is playing in the digital asset ecosystem,” said Brandon Mulvihill, Co-Founder and Chief Executive Officer of Crossover Markets. “Institutions are demanding the same speed, transparency, and efficiency they rely on in traditional markets, and few Wall Street leaders understand those standards better than Tradeweb, one of the world’s leading multi-asset marketplaces. Combining CROSSx’s single-digit microsecond matching performance with Tradeweb’s global distribution will mark a significant step forward for institutional crypto trading. Clear separation of duties is fundamental to market structure, and Crossover is purpose-built to serve as the industry’s execution layer and principal market.”

In addition to the investment, Tradeweb plans to provide its global clients with access to Crossover’s institutional spot crypto liquidity through Tradeweb’s algorithmic order-routing technology. Crossover’s bespoke anonymous and disclosed bilateral liquidity pools are designed to deliver higher-quality liquidity and improved execution outcomes for institutional investors compared to transacting on centralized exchanges. The collaboration reinforces Tradeweb’s role in modernizing market structure through innovative trading protocols, embedded analytics and technology infrastructure that bridges traditional and digitally native financial markets.

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“This collaboration marks Tradeweb’s entry into institutional crypto, a natural next step in our multi-asset strategy,” said Billy Hult, CEO of Tradeweb. “Institutional investors are increasingly turning to crypto to express macro views and manage risk in a 24/7 global market. As adoption grows, the market needs trusted, institutional-grade infrastructure. Through this planned integration with Crossover, our goal is to extend Tradeweb’s electronic execution standards into crypto — with the liquidity, transparency and discipline our clients expect.”

Proceeds from the financing will be used to enhance CROSSx’s technology stack, expand global operations, and deepen integrations with institutional partners. Since its launch, CROSSx has matched more than $50 billion in notional trading volume across 12 million trades and supports nearly 100 live participants. As one of the industry’s first execution-only crypto ECNs, CROSSx is designed to eliminate conflicts of interest by focusing solely on execution, providing a neutral platform where institutions can trade anonymously and efficiently without the bundled services typical of other platforms.

Participation from other leading financial institutions including DRW Venture Capital, Illuminate Financial, Virtu Financial, and XTX Markets reflects traditional finance’s growing role in shaping digital asset market structure. Collectively, these firms contribute regulatory expertise, disciplined risk management, and global distribution networks that will help bridge traditional capital markets and cryptocurrency trading.

Crossover Markets and CROSSx operate at the forefront of this evolution, serving as a primary venue for institutional crypto trading by offering low-latency execution, advanced order types, and seamless connectivity via FIX protocols — capabilities recognized by crypto-native market leaders such as Ripple and Wintermute Ventures. With this financing, Crossover Markets is well-positioned to further solidify CROSSx as the venue of choice for institutional digital asset trading, driving liquidity and continued innovation across an increasingly interconnected financial ecosystem.