Crossover Markets, a digital asset trading technology firm focused on institutional liquidity requirements, said it has raised $31 million in a Series B funding round that values the company at $200 million.
Tradeweb Markets led the round, which also drew participation from DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets, according to a statement. The Series B follows Crossover’s $12 million Series A in June 2024, which was led by Illuminate Financial and DRW Venture Capital.
Proceeds from the latest financing will be used to enhance CROSSx, the firm’s execution-only crypto electronic communication network, expand global operations, and deepen integrations with institutional partners, per the statement. Crossover said CROSSx has matched more than $50 billion in notional trading volume across 12 million trades and supports nearly 100 live participants.
In addition to the investment, Tradeweb plans to provide its global clients with access to Crossover’s institutional spot crypto liquidity through its algorithmic order-routing technology.
“Combining CROSSx’s single-digit microsecond matching performance with Tradeweb’s global distribution will mark a significant step forward for institutional crypto trading,” Crossover CEO Brandon Mulvihill said in the statement. “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.”
Billy Hult, CEO of Tradeweb, said that the collaboration with Crossover marks the firm’s entry into institutional crypto.
Tradeweb is a global operator of electronic marketplaces for rates, credit, equities, and money markets. The company said it facilitated more than $2.6 trillion in notional trading volume per day on average over the past four fiscal quarters.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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