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Crypto ECN Crossover Markets raises $12 million from Illuminate, DRW
Crossover Markets, a London-based digital asset technology company, announced that it has raised $12 million in a Series A funding round led by Illuminate Financial and DRW Venture Capital. Illuminate and DRW VC join a growing list of strategic investors in Crossover Markets that includes institutions such as Flow Traders, Laser Digital, Two Sigma, Wintermute, and retail brokers such as Exness, Gate.io, GMO, Pepperstone, Trademax and ThinkMarkets.
Brandon Mulvihill, co-founder and CEO of Crossover Markets, said:
“This fundraising comes at a time when the institutional market structure is changing in digital assets. Prime brokerage and central clearing models are advancing, creating fungibility and exposing execution venues that hold clients captive. We are honored to welcome strategic shareholders who share our vision and passion to create the world’s leading execution-only trading venue for digital assets. Illuminate brings tremendous depth of knowledge across the institutional landscape and DRW adds significant expertise as one of the largest multi-asset market makers in the world.”
“Illuminate Financial has been building a portfolio of institutional-grade digital asset infrastructure companies since 2019 as part of our thesis on the convergence of traditional financial market structure and digital assets. Crossover adds best-in-class execution capability to that portfolio, meeting both the immediate and long-term needs of financial institutions looking to trade digital assets with future-proof infrastructure, 24/7, a low latency towards which traditional markets are increasingly moving. “
“DRW VC has a proven track record of supporting early-stage companies committed to delivering market structure innovations in both traditional and cryptocurrency markets. Crossover Markets was a natural fit for our portfolio and we are excited to support its experienced management team to provide a best-in-class digital asset trading technology solution that delivers superior execution while minimizing the risk of counterpart”.
Crossover also announced the addition of new board members. Mark Beeston, founder and managing partner of Illuminate Financial, will join Crossover’s board of directors along with Kevin Wolf, CFO of American Financial Exchange and former CEO of Euronext FX.
Mulvihill added,
“The digital asset market structure is undergoing a fundamental shift driven by institutional needs and activity. At the same time, we are seeing early discussions emerging around 24/7 trading across traditional asset classes. CROSSx is designed to be among the fastest and highest performing venues across any asset class. More specifically, we developed the platform to bring 24/7 trading, price precision and size precision to traditional markets where technology lags in these areas. Strengthening governance and broadening the business strategy to meet client needs in this evolving landscape were at the top of our agenda as we considered the Board’s expansion. Mark and Kevin bring a wealth of experience spanning equities, fixed income, FX and digital. We are excited to add dynamic leadership by welcoming Mark and Kevin to Crossover.”
Crossover Markets provides an execution-only electronic communications network (ECN), CROCEx, an institutional trading venue for digital assets. Its ultra-low latency and quote-based matching technology, combined with tailored liquidity and intelligent order routing, make it a destination for more competitive pricing and overall lower trading costs.
Crossover Markets recently reported over $3.15 billion (USD) in notional trade value, 415,450 trades and over 141 billion quotes processed on CROSSx in the first quarter of 2024. With the additional funding, Crossover Markets said it will continue to invest in its team and technology, further strengthening its position in the market.
Information on crossover markets
Crossover Markets is a digital asset trading technology company focused on meeting the unique liquidity requirements of institutions in the cryptocurrency markets. CROSSx, the company’s execution-only cryptocurrency electronic communications network (ECN), is powered by the industry’s fastest and most advanced matching engine and includes order logic that allows customers to choose who they want to trade with. Led by a team with decades of FX trading, prime brokerage technology and AI expertise, Crossover is ushering in the next big wave of institutions in the cryptocurrency market.