Crossover Markets has raised $31 million in a Series B round
led by Tradeweb Markets, valuing the digital asset trading technology firm at
$200 million. The deal marks Tradeweb’s first move into institutional crypto
trading as it partners with Crossover to provide spot crypto liquidity to
global clients.
Tradeweb Expands into Crypto Markets
The partnership will allow Tradeweb to integrate Crossover’s
institutional spot crypto liquidity into its trading platform using its
order-routing technology.
Tradeweb has been expanding its electronic trading
capabilities for years, mainly in bonds, derivatives, and ETFs, and more
recently has tested some blockchain-based workflows in traditional markets.
Today @crossover_mkts announced the successful completion of its $31 million Series B financing round, led by Tradeweb. In addition to the investment, Tradeweb has entered into a strategic partnership with @crossover_mkts to provide institutional spot crypto liquidity to global… pic.twitter.com/PzFwRVETJv
— Tradeweb (@Tradeweb) March 4, 2026
Another institutional trading giant that has recently pushed
deeper into crypto is TP ICAP, which is shifting its Fusion Digital Assets
venue to a matched principal model that puts the broker between both sides of
each trade, allowing institutions to trade first and settle later while
applying the same balance sheet, credit and market-structure playbook it
already uses across its FX, rates and credit businesses.
Continue reading: The Broker That Processes $200 Trillion Wants to Do the Same for Bitcoin
Additionally, JPMorgan is moving quickly into institutional crypto. Last
year, it ramped up its dedicated crypto trading and blockchain-based payment
offerings for large clients. It positioned these services as regulated,
bank-grade ways to trade digital assets and move value on-chain while helping
to cement cryptocurrencies as a mainstream asset class for institutions.
Tradeweb CEO Billy Hult welcomed the move as a way to extend the
firm’s electronic execution standards into crypto markets, noting that
institutional investors are eying crypto to manage risk in a
24/7 global market.
“This collaboration marks Tradeweb’s entry into
institutional crypto, a natural next step in our multi-asset strategy,” commented
Billy Hult, CEO of Tradeweb. “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.”
Institutional Backing Highlights Market Shift
Besides Tradeweb, other investors in the round include DRW
Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and
Illuminate Financial. Their participation highlights growing traditional
finance involvement in advancing institutional-grade crypto infrastructure.
Related: Crossover Markets Expands to Singapore After U.S. Launch, Hires Cboe FX Executive
Crossover’s model, focused on execution without custody or
brokerage services, aims to provide neutrality and efficiency for institutions
as digital and traditional markets continue to converge.
Crossover’s platform, CROSSx, serves as an execution-only
electronic communication network for digital assets, focused solely on
trade execution. It reportedly supports almost 100 institutional participants,
facilitating over $50 billion in matched trading volume across 12 million
trades.
This article was written by Jared Kirui at www.financemagnates.com.
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