Crossover Markets, a tech firm specializing in digital asset solutions for institutional clients, has secured $12 million in its latest Series A funding round. The investment was led by Illuminate Financial and DRW Venture Capital, along with participation from strategic investors like Flow Traders, and Two Sigma, and retail brokers such as Exness and Pepperstone.
The funding arrives amidst significant shifts in institutional market structures within digital assets. Brandon Mulvihill, CEO of Crossover Markets, highlighted the evolving prime brokerage and central clearing models that are enhancing market fungibility and opening up new execution venues.
Illuminate Financial, known for its expertise in digital asset infrastructure, sees Crossover as pivotal in meeting institutional trading needs with its advanced, low-latency technology.
DRW Venture Capital, a leader in multi-asset market making, views Crossover as a strategic fit for supporting market structure innovations across traditional and crypto markets. In conjunction with the funding, Crossover has expanded its board to include Mark Beeston from Illuminate Financial and Kevin Wolf, adding deep experience in financial markets.
Crossover’s flagship platform, CROSSx, stands out for its ultra-low-latency and quote-driven matching technology, facilitating competitive pricing and reduced trading costs.
Recent performance metrics for Q1 2024 show substantial notional trading value and trade volumes processed through CROSSx, underscoring its growing role in institutional digital asset trading.
With the new capital infusion, Crossover Markets plans to bolster its technological capabilities and expand its team, aiming to solidify its position as a leading execution-only trading venue for digital assets in a rapidly evolving market landscape.
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