CROSSx has already matched over $50 billion in notional trading across 12 million trades and supports nearly 100 live participants since launch, underscoring strong traction.

The new funding will be used to enhance CROSSx technology, broaden global operations, and deepen integrations with institutional partners.

The press release includes standard forward-looking statements language and media contact information.

Analysts view the deal as validation of institutional demand for advanced crypto trading infrastructure and the potential for mature, compliant trading platforms in digital asset markets.

CROSSx is described as one of the industry’s first execution-only crypto ECNs, designed to eliminate conflicts of interest by focusing on execution and anonymous trading.

Crossover Markets closed a $31 million Series B, valuing CROSSx at $200 million and signaling a clear push to expand its CROSSx crypto ECN for institutional traders.

Participation from DRW, Illuminate Financial, Virtu Financial, and XTX Markets highlights ongoing convergence between traditional finance and digital assets.

CROSSx differentiates itself with speed, transparency, and client-centric services for banks, brokers, and professional trading firms amid a growing field of crypto ECNs.

Tradeweb plans to extend its electronic execution standards into crypto through collaboration, addressing rising institutional demand for crypto derivatives and liquidity.

The primary use of the capital is to grow CROSSx, a private, high-speed ECN offering private order matching, non-displayed liquidity, high-speed connectivity, and a neutral venue model to reduce market impact and costs.

The round includes participation from DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets, with a strategic partnership to provide Tradeweb clients access to CROSSx spot crypto liquidity.

Brandon Mulvihill, CEO of Crossover, emphasizes CROSSx as an execution-focused, neutral platform delivering fast, transparent, and efficient crypto trading for institutions.