TLDR:
- Crossover Markets, a digital asset technology firm, raised $12 million in its Series A funding round led by Illuminate Financial and DRW Venture Capital.
- The funding round included strategic investors like Flow Traders, Laser Digital, Two Sigma, Wintermute, and retail brokers such as Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.
The Series A funding round for Crossover Markets, led by Illuminate Financial and DRW Venture Capital, highlighted the growing interest in digital asset technology. The firm aims to meet the unique liquidity requirements of institutions in a changing institutional market structure for digital assets. The addition of new strategic shareholders such as Flow Traders, Laser Digital, Two Sigma, and others, underlines the industry’s recognition of Crossover’s vision and passion.
Mark Beeston, Founder and Managing Partner at Illuminate Financial, and Kim Trautmann, Partner at DRW Venture Capital, both expressed confidence in Crossover’s potential to deliver best-in-class execution capability for digital asset trading. Illuminate Financial, which has been building an institutional grade digital assets portfolio, sees Crossover as a valuable addition to its infrastructure companies. DRW Venture Capital, known for supporting early-stage companies in market structure innovations, believes Crossover is well-positioned to deliver superior technology solutions in digital asset trading.
The announcement also included the addition of new board members, including Mark Beeston of Illuminate Financial and Kevin Wolf, CFO at American Financial Exchange. Crossover Markets, known for its execution-only electronic communication network (ECN) CROSSx, reported impressive trading results in Q1 2024, processing over $3.15 billion in notional trading value, 415,450 trades, and over 141 billion quotes on CROSSx.
Crossover’s focus on creating a leading execution-only trading venue for digital assets, driven by the changing institutional needs and activity in the market, positions the firm as a key player in the evolving digital asset landscape. With the support of strategic investors and experienced management team, Crossover aims to provide cutting-edge technology solutions for digital asset trading, emphasizing speed, performance, and security in a 24/7 trading environment.
