Tradeweb Leads $31M Investment in Crypto Trading Platform Crossover Markets
Tradeweb led a $31 million Series B funding round in Crossover Markets, valuing the crypto ECN at $200 million.Summary
Electronic trading company Tradeweb spearheaded a $31 million Series B funding round for institutional crypto trading platform Crossover Markets, resulting in a $200 million valuation for Crossover. The investment round included participation from several key firms like DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial, and XTX Markets. This deal establishes a strategic partnership allowing Tradeweb's clients access to spot crypto liquidity via Crossover’s CROSSx electronic communication network (ECN), marking Tradeweb's entry into institutional cryptocurrency trading. The funds will be used to expand CROSSx, which has processed over $50 billion in notional volume since its 2023 launch. This investment occurs amid a rebound in crypto venture funding, with infrastructure companies attracting significant capital.
(Source：Cointelegraph)