TLDR:
– Crossover Markets raises $12 million in Series A funding round.
– Funding led by Illuminate Financial and DRW Venture Capital.
In a recent announcement, Crossover Markets, a digital asset technology firm, disclosed that it has secured $12 million in its Series A funding round. The funding was spearheaded by Illuminate Financial and DRW Venture Capital, along with other strategic investors such as Flow Traders, Two Sigma, and Exness. The company plans to utilize the proceeds to expand its role as a leading ECN in digital assets and introduce 24/7 trading to additional asset classes.
The fundraise comes at a crucial time when institutional market structure is evolving in the digital assets realm. Crossover Markets aims to create the world’s leading execution-only trading venue for digital assets, catering to the changing demands of financial institutions. With Illuminate Financial’s expertise across institutional landscapes and DRW’s significant experience as a market maker, Crossover Markets is poised to enhance its execution capability and deliver superior technology solutions for digital asset trading.
Moreover, the addition of new Board Members, including Mark Beeston and Kevin Wolf, brings a wealth of experience to the company. They are expected to bolster governance and corporate strategy to address the evolving needs of clients in the rapidly changing digital assets market structure. Crossover Markets, known for its ECN CROSSx, where over $3.15 billion in notional trading value was reported in Q1 2024, is set to continue investing in its team and technology to further solidify its position in the market.
Overall, the Series A funding round led by Illuminate Financial and DRW Venture Capital signifies a major milestone for Crossover Markets as it embarks on a journey to revolutionize digital asset trading and meet the liquidity requirements of institutional clients.
