Electronic trading giant Tradeweb has led a $31 million Series B funding round in institutional crypto trading platform Crossover Markets, valuing the company at approximately $200 million. The investment round included participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial, and XTX Markets.
The deal also establishes a strategic partnership that will connect Tradeweb's extensive institutional client network with digital asset markets. Under this arrangement, Tradeweb clients will gain access to spot cryptocurrency liquidity through CROSSx, Crossover Markets' electronic communication network (ECN) designed specifically for institutional trading. This integration marks Tradeweb's first direct connection to institutional crypto trading infrastructure, allowing clients to access crypto liquidity alongside other asset classes traded through electronic venues.
Crossover Markets launched CROSSx in 2023 as an ECN focused on institutional crypto trading, connecting market makers, trading firms, and institutional investors in a structure designed to reduce slippage and improve execution quality. Since its launch, CROSSx has processed more than $50 billion in notional trading volume across approximately 12 million trades. The platform currently supports close to 100 market participants.
The new capital will be used to expand CROSSx's capabilities and broaden participation across its institutional trading network. This investment arrives during a broader recovery in venture funding for crypto startups, with investors deploying more than $20 billion across around 1,660 deals in 2025—the largest annual total since 2022, according to Galaxy research. Trading platforms, exchanges, and infrastructure providers attracted the largest share of this capital.
The funding round reflects a growing trend of venture capital concentrating on the infrastructure layer of crypto markets, where trading volume and institutional adoption drive long-term revenue potential. Other recent infrastructure funding rounds include Talos securing a $45 million extension to its Series B (valuing it at $1.5 billion), Mesh raising $75 million in Series C (valuing it at $1 billion), Rain raising $250 million in Series C (valuing it at $1.95 billion), and VelaFi raising $20 million in Series B.
