Tradeweb led a $31 million Series B financing round for Crossover Markets, valuing the crypto ECN operator at $200 million. The round follows a total of $18.3 million raised in prior rounds, including a Series A in June 2024.
The investment brings Tradeweb into the institutional spot crypto liquidity arena, allowing it to route client orders through Crossover’s CROSSx platform, which offers sub‑10 microsecond matching and an execution‑only model that eliminates custody conflicts.
Crossover’s CROSSx has matched over $50 billion in notional volume and supports nearly 100 live participants. In October 2025, the platform recorded $4.96 billion in notional volume and 1.39 million trades, up from $3.15 billion and 415,450 trades in Q1 2024, illustrating rapid growth.
Tradeweb, which reported record Q4 2025 revenue of $521.2 million, is using the capital to deepen its multi‑asset offering. The funding will enhance CROSSx’s technology stack, expand global operations, and integrate more institutional partners, reinforcing Tradeweb’s strategy to capture institutional demand for low‑latency crypto trading.
"We are pleased to announce our Series B financing and are grateful to both our existing and new investors, whose support is a testament to the transformative role CROSSx is playing in the digital asset ecosystem." "Institutions are demanding the same speed, transparency, and efficiency they rely on in traditional markets, and few Wall Street leaders understand those standards better than Tradeweb, one of the world's leading multi‑asset marketplaces. Combining CROSSx's single‑digit microsecond matching performance with Tradeweb's global distribution will mark a significant step forward for institutional crypto trading. Clear separation of duties is fundamental to market structure, and Crossover is purpose-built to serve as the industry's execution layer and principal market." "As adoption grows, the market needs trusted, institutional‑grade infrastructure. Through this planned integration with Crossover, our goal is to extend Tradeweb's electronic execution standards into crypto — with the liquidity, transparency and discipline our clients expect.",
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