Crossover Markets Raises $31 Million Series B, Partners With Tradeweb to Scale Institutional Crypto ECN

New updates have been reported about Crossover Markets.

Crossover Markets has closed a $31 million Series B funding round at a $200 million valuation, positioning its CROSSx platform more firmly at the center of institutional digital asset trading. The round was led by Tradeweb Markets, with backing from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial, underscoring growing traditional-finance interest in institutional-grade crypto market structure.

As part of the deal, Tradeweb plans to route its global clients’ institutional spot crypto flow into CROSSx via its algorithmic order-routing technology, giving Crossover immediate access to a large, multi-asset institutional distribution network. Crossover will use the proceeds to enhance CROSSx’s ultra-low-latency technology, expand global operations, and deepen integrations with institutional partners, building on more than $50 billion in matched notional volume across 12 million trades and roughly 100 active participants.

CROSSx operates as an execution-only cryptocurrency ECN with anonymous and disclosed bilateral liquidity pools, aiming to separate execution from custody and other bundled services that can create conflicts on centralized exchanges. By focusing solely on execution and providing neutral, high-speed infrastructure, Crossover seeks to become the primary venue for institutions that demand the same transparency, speed, and market discipline they receive in established asset classes.

The participation of major market makers and trading firms brings regulatory expertise, risk management discipline, and global connectivity that could accelerate institutional adoption of Crossover’s venue. With this financing and the planned Tradeweb integration, Crossover is positioned to benefit from the convergence of traditional and digital markets and to extend its role as a core execution layer for institutional crypto trading.

For executives, the key implications are strengthened capital position, enhanced distribution through Tradeweb, and validation of Crossover’s model by leading liquidity providers and market infrastructure players. If execution volumes and institutional demand continue to grow, Crossover could see network effects deepen, improving liquidity quality and reinforcing its competitive position in the institutional digital asset ecosystem.