In a significant move within the digital asset landscape, Crossover Markets, a trading technology firm focused on institutional liquidity requirements, has announced the successful completion of a $12 million Series A funding round. The round was led by renowned investment firms Illuminate Financial and DRW Venture Capital, further solidifying Crossover’s position as a key player in the rapidly evolving institutional crypto market.
Expanding Capabilities and Reach
With the fresh infusion of capital, Crossover Markets plans to expand its team, further develop its execution-only electronic communication network, CROSSx, and bring 24/7 trading capabilities to additional asset classes. Crossover’s co-founder and CEO, Brandon Mulvihill, emphasized the importance of this funding in the face of changing institutional market structure in digital assets, stating, “Prime brokerage and central clearing models are advancing, creating fungibility and exposing execution venues that hold clients captive.”
Bringing Institutional Expertise
The involvement of Illuminate Financial and DRW Venture Capital in this Series A round underscores the firms’ confidence in Crossover’s ability to meet the growing demands of institutional investors in the crypto space. Illuminate Financial’s founder and Managing Partner, Mark Beeston, will join Crossover’s board, bringing his vast experience and deep understanding of the institutional landscape. Additionally, American Financial Exchange CFO and former Euronext FX CEO, Kevin Wolf, will also join the board.
Driving Innovation in Crypto Infrastructure
Illuminate Financial’s Beeston highlighted the importance of Crossover’s role in the convergence of traditional finance and digital asset market structure, stating, “Crossover adds best-in-class execution capability to that portfolio, serving both the immediate and long-term needs of financial institutions that wish to trade digital assets with a future-proof 24/7 low latency infrastructure that traditional markets are increasingly moving towards.”
Crossover’s Impressive Metrics
In the first quarter of 2024, Crossover Markets reported facilitating over $3.15 billion in notional trading value, 415,450 trades, and more than 141 billion quotes on its CROSSx platform. This performance underscores the growing institutional demand for sophisticated crypto trading infrastructure, which Crossover aims to address through its innovative solutions.
Collaborating with Established Crypto Firms
Crossover’s existing strategic investors, including Flow Traders, Laser Digital, Two Sigma, Wintermute, and retail brokers such as Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets, further strengthen the company’s position in the industry.
As the institutional crypto market continues to evolve, Crossover Markets’ successful Series A funding round and the involvement of industry leaders like Illuminate Financial and DRW Venture Capital position the firm as a key player in shaping the future of digital asset trading infrastructure.