Crossover Markets raises $31M Series B at $200 million valuation in Tradeweb-led deal

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Crossover Markets, the institutional digital asset trading technology firm behind the CROSSx execution-only cryptocurrency ECN, has closed a $31M Series B financing round valuing the company at $200M post-money. The round, announced March 4, 2026, was led by Tradeweb Markets (Nasdaq: TW) with participation from DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets. Tradeweb plans to integrate CROSSx liquidity into its algorithmic order-routing platform, marking the firm’s entry into institutional spot crypto execution for its global client base. This development arrives amid broader web3 fundraising updates across the digital asset sector, where infrastructure providers and financial platforms continue to attract institutional capital.

Platform and Market Positioning

CROSSx operates as an execution-only venue designed specifically for institutional participants seeking low-latency crypto trading infrastructure modeled on FX and rates electronic markets rather than centralized crypto exchanges. The platform supports FIX API connectivity, advanced order types including iceberg and peg-to-mid orders, and multiple matching locations hosted in Equinix data centers across London, New York, and planned Asia expansions. Since launch, CROSSx reports matching over $50 billion in notional volume across 12M trades with nearly 100 live participants including banks, hedge funds, market makers, and prime brokers.

Key Platform Features

• Ultra-low latency single-digit microsecond matching engine
• Anonymous and disclosed bilateral liquidity pools
• FIX protocol connectivity for institutional workflows
• Multiple geographic matching venues (LD4, NY4, Asia planned)
• Advanced order types for algorithmic and HFT strategies
• Clear separation of execution from custody and brokerage

Strategic Tradeweb Partnership

The investment coincides with a planned technical integration between Tradeweb‘s electronic trading platform and CROSSx, enabling Tradeweb’s institutional clients to access CROSSx spot crypto liquidity through existing algorithmic workflows. This partnership positions CROSSx as the execution layer beneath Tradeweb’s multi-asset marketplace, combining Tradeweb’s global distribution with Crossover‘s specialized matching infrastructure. Tradeweb CEO Billy Hult described the collaboration as a “natural next step” in the firm’s multi-asset expansion strategy.

Investor Composition and Continuity

Returning investors DRW Venture Capital and Illuminate Financial, who co-led Crossover’s $12M Series A in June 2024, demonstrate continuity in backing the firm’s execution-only model. The new round adds significant TradFi credibility through Tradeweb alongside established digital asset market makers (Ripple, Wintermute, Virtu, XTX) familiar with high-frequency and institutional flow requirements.

Complete Investor List

• Lead: Tradeweb Markets (Nasdaq: TW)
• Returning: DRW Venture Capital, Illuminate Financial
• New: Ripple, Virtu Financial, Wintermute Ventures, XTX Markets

Use of Proceeds and Growth Plans

Proceeds will support CROSSx technology enhancements, global infrastructure expansion, and deeper institutional integrations including the Tradeweb connectivity. Crossover emphasizes maintaining its execution-only focus while scaling venue capacity to handle increasing institutional adoption of 24/7 digital asset markets.

Funding History Context

• Series B (March 2026): $31M at $200M valuation led by Tradeweb

• Series A (June 2024): $12M led by Illuminate Financial & DRW VC

• Seed (March 2023): Undisclosed amount; Exness, Flow Traders, Laser Digital, Two Sigma, Wintermute

• Total Disclosed: $43M across known rounds

Market Context

The funding reflects growing institutional infrastructure investment following spot crypto ETF approvals and regulatory maturation. CROSSx’s ECN model addresses key institutional requirements around execution transparency, custody separation, and counterparty control that differ from retail-focused centralized exchange structures. The Tradeweb partnership validates convergence between TradFi electronic trading infrastructure and digital asset market structure. Recent capital inflows highlight a wider trend in digital asset venture activity. For example, Novig Raises $75 Million to expand its decentralized prediction market platform, while Based Raises $11.5 Million to develop new blockchain infrastructure solutions.