Electronic trading firm Tradeweb has spearheaded a $31 million Series B funding round for institutional crypto trading platform Crossover Markets. The investment values Crossover Markets at $200 million and includes participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial, and XTX Markets. This strategic partnership enables Tradeweb clients to access spot crypto liquidity via Crossover's CROSSx electronic communication network (ECN), marking Tradeweb's official entry into institutional cryptocurrency trading. This funding comes as venture investment in crypto startups shows a resurgence, with trading, exchange, and infrastructure companies attracting substantial capital. The funds will fuel the expansion of CROSSx, Crossover's ECN designed for institutional trading. Since its 2023 launch, CROSSx has facilitated over $50 billion in notional trading volume, supporting close to 100 market participants.
This development highlights a broader trend of venture funding flowing into crypto market infrastructure, with recent investments in companies like Talos, Mesh, Rain, and VelaFi focusing on trading, payments, and settlement systems for institutional clients.