London-based digital asset technology firm Crossover Markets announced that it has raised $12 million in a Series A funding round led by Illuminate Financial (Illuminate) and DRW Venture Capital (DRW VC). Illuminate and DRW VC join a growing list of strategic investors in Crossover Markets that includes institutions such as Flow Traders, Laser Digital, Two Sigma, Wintermute and retail brokers such as Exness, Gate.io, GMO, Pepperstone, Trademax and ThinkMarkets.
Brandon Mulvihill, Co-Founder and CEO of Crossover Markets said,
“This fundraising comes at a time when the institutional structure of the market is changing in digital assets. Prime brokerage and central clearing models are moving forward, creating tradability and exposing execution spaces that hold clients captive. We are honored to welcome strategic shareholders who share our vision and passion to create the world’s leading execution-only digital asset trading platform. Illuminate brings tremendous depth of knowledge across the institutional landscape and DRW adds significant expertise as one of the world’s largest multi-asset market makers.”
Mark Beeston, Founder and Managing Partner of Illuminate Financial said,
“Illuminate Financial has been building a portfolio of institutional-grade digital asset infrastructure companies since 2019 as part of our thesis around the convergence of traditional finance and digital asset market structure. Crossover adds best-in-class execution capability to this portfolio, serving both the immediate and long-term needs of financial institutions looking to trade digital assets with a future-proof 24/7 low-latency infrastructure they are increasingly moving towards more traditional markets. “
Kim Trautmann, Partner at DRW Venture Capital added,
“DRW VC has a proven track record of supporting early stage companies committed to delivering market structure innovations in both the traditional and crypto markets. Crossover Markets was a natural fit for our portfolio and we are excited to support their experienced management team to deliver a leading technology solution for trading digital assets that delivers superior execution while minimizing counterparty risk.
Crossover also announced the addition of new Board members. Mark Beeston, founder and managing partner of Illuminate Financial, will join Crossover’s board along with Kevin Wolf, CFO at American Financial Exchange and former CEO of Euronext FX.
Mulvihill added,
“The structure of the digital asset market is experiencing a pivotal change driven by institutional needs and activity. At the same time, we are witnessing the emergence of early-stage discussions around 24/7 trading across traditional asset classes. CROSSx is designed to be among the fastest and highest performing spaces in any asset class. More specifically, we developed the platform to bring 24/7 trading features, price accuracy and size accuracy to traditional markets where technology lags in such areas. Strengthening governance and broadening the corporate strategy to address client needs in this evolving landscape was at the top of our agenda when considering the expansion of the Board. Mark and Kevin bring a wealth of experience spanning equities, fixed income, FX and digital. We are excited to add dynamic leadership by welcoming Mark and Kevin to Crossover.”
Crossover Markets provides an execution-only electronic communications network (ECN), CROSSx, an institutional trading venue for digital assets. Its ultra-low-latency and price-based matching technology, combined with tailored liquidity and intelligent order routing, make it a destination for more competitive pricing and overall lower transaction costs.
Crossover Markets recently reported over $3.15 billion (USD) in notional trade value, 415,450 trades and over 141 billion prices processed on CROSSx in Q1 2024. With the added funding, Crossover Markets said that will continue to invest in its team and technology, further strengthening its market position.
About Crossover purchases
Crossover Markets is a digital asset trading technology company focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the cryptocurrency execution-only Electronic Communication Network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes ordering logic that allows clients to choose who they want to trade with. Led by a team with decades of FX trading, leading brokerage technology and AI experience, Crossover is ushering in the next big wave of institutions in the crypto market.