Crossover Markets scores $12 million funding round
Crossover Markets is best known for its execution-only electronic communication network, CROSSx, a low-latency institutional trading venue for digital assets, comprising an advanced matching engine and smart order routing.
The firm recently reported over $3.15 billion in notional trading value, 415,450 trades, and over 141 billion quotes processed on CROSSx in Q1 2024.
"This fundraise comes at a time when institutional market structure is changing in digital assets," says Brandon Mulvihill, co-founder and CEO of Crossover Markets.
"Prime brokerage and central clearing models are advancing, creating fungibility and exposing execution venues that hold clients captive."
Upon close, Mark Beeston, founder and managing partner of Illuminate Financial, will join Crossover's board of directors along with Kevin Wolf, CFO at American Financial Exchange and former CEO of Euronext FX.
