Tradeweb Leads $31M Series B in Crossover Markets, Linking Institutional Trading to CROSSx ECN

Crossover Markets closed a $31 million Series B on April 10, 2025, at about a $200 million valuation. The round was led by Tradeweb Markets with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial and XTX Markets. The financing includes a strategic partnership to connect Tradeweb’s institutional trading network to Crossover’s CROSSx electronic communication network (ECN), giving Tradeweb clients access to spot crypto liquidity. CROSSx — a non‑custodial ECN for banks, hedge funds and prop desks — has handled over $50 billion notional across roughly 12 million trades since its 2023 launch and supports nearly 100 market participants. Proceeds will fund product development (including a low‑latency matching engine), geographic expansion, RegTech/compliance, and support for new asset classes such as tokenized traditional assets. Analysts say the deal signals deeper integration between traditional electronic trading and crypto market infrastructure and reflects a broader shift in venture funding toward regulated institutional infrastructure. For traders, the Tradeweb–CROSSx tie‑up may improve access to spot crypto liquidity, reduce market impact on large orders, and encourage more stable, higher‑quality execution venues for institutional flow.