Participated · Series A · Jun 2024

Crossover Markets builds and operates CROSSx, one of the industry’s first execution-only electronic communication networks (ECNs) for spot cryptocurrency trading. The platform offers single-digit-microsecond matching, anonymous and disclosed bilateral liquidity pools, advanced order types and FIX connectivity designed for high-frequency and algorithmic strategies. Since launch, CROSSx has processed more than $50 billion in notional volume across 12 million trades and now supports nearly 100 live institutional participants. Headquartered in Wilmington, Delaware, the company positions itself as a neutral execution layer that eliminates conflicts of interest common on centralized exchanges. With its new capital, Crossover plans to enhance the CROSSx technology stack, expand global operations and deepen integrations with institutional partners such as Tradeweb. Management believes the collaboration with Tradeweb will extend the firm’s global distribution and embed traditional electronic-trading standards into digital assets. The firm’s growth strategy centers on servicing the rapidly converging traditional-finance and crypto markets while maintaining best-in-class speed, transparency and execution quality.