Cryptocurrency Exchange Crossover Markets Completes $31 Million Series B Funding Round, Led by Tradeweb Markets with Participation from Ripple

BlockBeats News, March 5th - Institutional-grade digital asset trading technology company Crossover Markets announced the completion of a $31 million Series B funding round, with a company valuation of approximately $200 million. The round was led by Tradeweb Markets, with participation from institutions such as Ripple, DRW Venture Capital, Illuminate Financial, Virtu Financial, Wintermute Ventures, and XTX Markets.

The funds will be primarily used to upgrade its institutional-grade encrypted messaging network CROSSx, expand global operations, and enhance system integration with institutional clients. Data shows that CROSSx has matched over $50 billion in notional trading volume, completed a total of 12 million transactions, and currently supports nearly 100 active institutional participants.

Meanwhile, Tradeweb Markets plans to provide global clients access to Crossover's institutional spot crypto liquidity through its algorithmic order routing technology, signaling this traditional electronic trading marketplace operator's official foray into the institutional crypto trading space.