Crossover Markets, a digital asset trading technology firm, has secured $12 million in a Series A funding round led by Illuminate Financial and DRW Venture Capital.
Crossover Markets is widely recognized for its execution-only electronic communication network, CROSSx, which serves as a low-latency institutional trading venue for digital assets. The platform features a sophisticated matching engine and smart order routing capabilities.
In the first quarter of 2024, the firm reported notable achievements, including over $3.15 billion in notional trading value, 415,450 trades, and more than 141 billion quotes processed on CROSSx.
Brandon Mulvihill, co-founder and CEO of Crossover Markets, stated, “This fundraise comes at a time when institutional market structure is changing in digital assets. Prime brokerage and central clearing models are advancing, creating fungibility and exposing execution venues that hold clients captive.”
Following the funding round, Mark Beeston, founder and managing partner of Illuminate Financial, and Kevin Wolf, CFO at American Financial Exchange and former CEO of Euronext FX, will join Crossover’s board of directors.