Crossover Markets is a digital asset tech firm that focuses on meeting the unique liquid requirements of institutions. It announced that it raised $12 million for its Series A funding led by Illuminate Finance and DrW Venture Capital.
Illuminate joins a growing group of strategic investors, which “includes institutions like Flow Traders Laser Digital, Two Sigma, Wintermute, and retail brokers like Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.”
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets said:
“This fundraise is happening at a time of change in the institutional market structure for digital assets. Prime brokerage and central clearance models are evolving, creating fungibility. This exposes execution venues that bind clients. We are proud to welcome strategic investors who share our vision to create the world’s most innovative execution-only trading platform for digital assets. Illuminate brings a wealth of institutional knowledge, while DRW is one of the world’s largest multi-asset markets makers.
Mark Beeston Founder and Managing partner of Illuminate Financial, Mark Beeston said:
“Illuminate Financial is building out a portfolio since 2019 of institutional grade digital asset infrastructure companies as part of its thesis around the convergence between traditional finance and digital assets market structure. Crossover adds the best-in class execution capability to this portfolio, serving both immediate and long-term requirements of financial institutions who wish to trade digital asset with a future proof 24/7 low latency architecture that traditional markets are increasingly moving toward .”
Kim Trautmann, Partner at DRW Venture Capital said:
“DRW VC is a proven investor in early-stage companies that are committed to delivering innovative market structures both in the traditional markets and crypto markets.” Crossover Markets is a natural fit in our portfolio. We’re excited to work with its experienced management team on delivering a best-in class technology solution for digital assets trading that minimizes counterparty risk .”
Crossover announced the addition of “new Board Members”. Mark Beeston, Founder of Illuminate Financial and Managing Director, will join Crossover’s board of directors, along with Kevin Wolf. Kevin Wolf is the CFO of American Financial Exchange, and former CEO of Euronext FX.
Mulvihill is added.
“Digital assets are undergoing a fundamental change, driven by institutional activity and needs. We are also witnessing the emergence of early-stage discussions about 24/7 trading across traditional asset class. CROSSx was designed to be one of the fastest and most efficient venues in any asset class. We developed the platform specifically to bring 24/7 trading, size precision, and price precision characteristics to traditional markets that are lagging behind in these areas .”
Crossover Markets, a digital asset trading platform for institutional investors, is known as CROSSx. It is an electronic communication network (ECN) that only executes orders.
Crossover Markets reported that “over $3.15 (USD) billion in notional trading values, 415,450 transactions, and over 141 trillion quotes were processed on CROSSx during Q1 2024.”