Crossover Markets secures $12 million in Series A financing

Crossover Markets, a digital asset technology company focused on meeting the unique liquidity needs of institutions, announced today that it has raised $12 million in its Series A funding round completed today.

The round was led by Illuminate Financial (Illuminate) and DRW Venture Capital (DRW VC), and also included institutions such as Flow Traders, Laser Digital, Two Sigma, and Wintermute, as well as retail brokers like Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.

In addition, Illuminate Financial's founder Mark Beeston will join the Crossover board along with Kevin Wolf, the Chief Financial Officer of the U.S. financial exchange and former CEO of Euronext.

"This financing comes at a time when the institutional market structure for digital assets is changing," said Brandon Mulvihill, Co-Founder and CEO of Crossover Markets.

"The prime brokerage and central clearing models are advancing, creating alternatives and exposing captive client execution venues. We are honored to welcome strategic shareholders who share our vision and passion for creating the world's leading execution-only trading venue for digital assets. Illuminate brings enormous depth of knowledge across the institutional spectrum, while DRW, as one of the world's largest multi-asset market makers, adds significant expertise."

About Crossover Markets

Crossover Markets is a digital asset trading technology company focused on meeting the unique liquidity requirements of institutions in the spot and derivative cryptocurrency markets. CROSSx, the company's execution-only cryptocurrency Electronic Communication Network (ECN), is designed to avoid conflicts of interest by decoupling trade execution from custody and brokerage, allowing institutions to freely choose their own credit counterparties. As an execution-only trading venue provider, Crossover does not hold client funds, directly handle assets, or carry counterparty risk.

Crossover Markets' Q1 trading volume was $3.15 billion.

According to Crossover Markets' Q1 2024 trading report:

• CROSSx's nominal trading volume was $3,153,752,406
• CROSSx executed 415,450 trades
• CROSSx processed over 141 billion quotes

Measured by industry standards, CROSSx Q1 execution times were:

• Order confirmation - 75% below 7μsec, 99% below 10μsec
• Feed (ii) sequence - 75% below 8μsec and 99% below 11μsec

This data shows that Crossover Markets is the fastest venue in the digital world and one of the fastest-growing institutional venues.

Crossover Markets Collaborations

Crossover Markets and Bakkt collaboration: On June 6, 2024, Bakkt Holdings announced that the company has leveraged Crossover Markets technology to power its upcoming crypto Electronic Communication Network "BakktX." BakktX is designed to meet institutional needs and will be supported by Crossover's high-performance technology, providing sub-10 microsecond matching latency, customizable and tailored liquidity streams, and lower trading costs than existing crypto brokers and exchanges.

CROSSx and Talos collaboration: On May 13, 2024, Crossover Markets and Talos, a provider of institutional technology for digital asset trading, announced their integration.

Crossover's CROSSx institutional crypto trading venue has been integrated with the Talos trading platform, joining Talos’s existing provider network.

This integration aims to provide tailored liquidity and high-speed trade execution, aiming to reduce trading costs and improve market impact metrics for institutional clients. CROSSx is the first ECN to integrate with Talos.