Tradeweb Markets has led a $31 million Series B in Crossover Markets, the institutional digital asset firm behind CROSSx, valuing the company at $200 million. Other participating investors include DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets and Illuminate Financial.
CROSSx is an execution only cryptocurrency ECN, one of the first in the industry, designed to eliminate conflicts of interest by separating execution from other services. The platform offers anonymous and disclosed bilateral liquidity pools and has matched more than $50 billion in notional volume across 12 million trades, with nearly 100 live participants.
Tradeweb is a major electronic trading platform with particular depth in fixed income markets including bonds and mortgage backed securities. CEO Billy Hult framed the investment as a natural extension of the firm’s multi-asset strategy: “Institutional investors are increasingly turning to crypto to express macro views and manage risk in a 24/7 global market. As adoption grows, the market needs trusted, institutional-grade infrastructure.”
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