- Ripple joins $31M funding round backing institutional crypto trading platform.
- Crossover Markets raises fresh capital as institutions expand crypto infrastructure investments.
- Tradeweb partnership boosts institutional access to Crossover’s fast crypto liquidity network.
Institutional momentum across crypto market infrastructure strengthened after Crossover Markets confirmed a major funding round supported by several global financial firms, including Ripple. The digital asset trading technology company secured $31 million in Series B financing as interest grows around platforms designed specifically for institutional crypto trading activity.
The investment round places Crossover Markets at a valuation of approximately $200 million. Tradeweb Markets led the funding while several financial and crypto firms joined the round. Participants included DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets.
Crossover Markets develops technology focused on institutional liquidity access and high-speed execution systems. Its infrastructure aims to address operational needs faced by trading firms, market makers, and institutional investors entering digital asset markets. Consequently, the company positions itself within the growing institutional crypto trading ecosystem.
This latest investment follows a previous funding round completed in June 2024. During that Series A financing, Crossover Markets raised $12 million with backing from Illuminate Financial and DRW Venture Capital. The additional capital now expands the company’s financial resources as demand for institutional trading infrastructure continues rising.
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Funding Aims to Strengthen CROSSx Trading Network
The company plans to direct proceeds from the Series B funding toward improving its core trading technology. Crossover Markets intends to enhance CROSSx, its execution only crypto electronic communication network designed for institutional market participants.
CROSSx provides an infrastructure environment where institutional traders execute orders without internal market-making involvement. This structure separates trading execution from principal trading activity and reduces potential conflicts commonly associated with exchange-operated trading systems.
Moreover, the company also plans to expand its global operational presence. Executives said the new funding will help deepen partnerships with institutional clients and technology partners. Recent performance data highlights the platform’s increasing market activity.
Crossover Markets reported that CROSSx has already matched more than $50 billion in notional trading volume. Additionally, the network processed over 12 million trades while supporting nearly 100 active institutional participants.
Tradeweb Integration Opens Institutional Liquidity Channels
Alongside the investment, Tradeweb Markets confirmed plans to connect its global trading network with Crossover’s liquidity infrastructure. This integration will allow Tradeweb clients to access institutional crypto liquidity through its algorithmic order routing technology.
Tradeweb operates electronic marketplaces serving traditional financial markets, including rates, credit, equities, and money markets. Consequently, the partnership introduces digital asset trading access to a large institutional client base already active across multiple asset classes.
Billy Hult, Chief Executive Officer of Tradeweb, explained that the collaboration represents the firm’s formal entry into institutional crypto trading services. The company sees growing demand from global clients seeking regulated and efficient access to digital asset liquidity.
Tradeweb also brings considerable trading scale into the partnership. Company figures show its electronic platforms facilitated more than $2.6 trillion in average daily notional trading volume during the past four fiscal quarters.
Ripple Participation Signals Institutional Alignment
Ripple’s involvement in the funding round reflects increasing collaboration between digital asset companies and institutional market infrastructure providers. The company joined several financial firms backing the expansion of Crossover Markets’ trading technology.
Crossover Markets Chief Executive Officer Brandon Mulvihill commented on the partnership in the company statement. He explained that combining CROSSx’s single-digit microsecond matching performance with Tradeweb’s distribution network could improve institutional crypto execution efficiency.
Mulvihill also highlighted the importance of separating execution infrastructure from principal trading functions. He said Crossover Markets was built to serve as an execution focused trading layer for institutional digital asset markets.
The $31 million funding round strengthens Crossover Markets’ position within the institutional crypto trading infrastructure sector. Additionally, Ripple’s participation alongside major financial firms reflects growing alignment between traditional financial markets and digital asset trading platforms.
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