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.
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Tradeweb has been expanding its electronic trading capabilities for years, mainly in bonds, derivatives, and ETFs, and more recently has tested some blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term-based workflows in traditional markets.
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 Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term 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.
