Crossover to use proceeds to expand its role as
the leading ECN in digital assets and bring 24/7 trading to
additional asset classes
LONDON, June 26,
2024 /PRNewswire/ -- Crossover Markets, a digital
asset technology firm focused on meeting the unique liquidity
requirements of institutions, today announced that it has raised
$12 million in its Series A funding
round led by Illuminate Financial (Illuminate) and DRW
Venture Capital (DRW VC). Illuminate and DRW VC join a growing
list of strategic investors that includes institutions such as Flow
Traders, Laser Digital, Two Sigma, Wintermute, and retail brokers
such as Exness, Gate.io, GMO, Pepperstone,
Trademax and Think Markets.
"This fundraise comes at a time when institutional market
structure is changing in digital assets," said 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. We are honored to welcome strategic
shareholders who share our vision and passion to create the world's
leading execution-only trading venue for digital assets. Illuminate
brings enormous depth of knowledge across the institutional
landscape, and DRW adds significant expertise as one of the
largest, multi-asset market makers in the world."
"Illuminate Financial has been building out a portfolio of
institutional grade digital assets infrastructure companies since
2019 as part of our thesis around the convergence of traditional
finance and digital asset market structure," said Mark Beeston, Founder and Managing Partner,
Illuminate Financial. "Crossover adds best-in-class execution
capability to that portfolio, serving both the immediate and
long-term needs of financial institutions that wish to trade
digital assets with a future-proof 24/7 low latency infrastructure
that traditional markets are increasingly moving towards."
"DRW VC has a proven track record of supporting early-stage
companies committed to delivering market structure innovations both
in the traditional and crypto markets," said
Kim Trautmann, Partner at DRW
Venture Capital. "Crossover Markets was a natural fit for our
portfolio, and we're excited to support its experienced management
team to deliver a best-in-class technology solution for digital
asset trading that delivers superior execution while minimizing
counterparty risk."
Crossover also announced the addition of new Board Members.
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.
Mulvihill added, "Digital assets market structure is
experiencing a pivotal change driven by institutional needs and
activity. Simultaneously, we are witnessing the early-stage
emergence of discussions around 24/7 trading across traditional
asset classes. CROSSx is designed to be among the fastest,
highest-performance venues in any asset class. More specifically,
we developed the platform to bring 24/7 trading, price precision
and size precision characteristics to traditional markets where
technology is lagging in such areas. Bolstering governance and
broadening corporate strategy to address the needs of clients in
this evolving landscape were atop our agenda when thinking about
Board expansion. Mark and Kevin bring a wealth of experience that
spans equities, fixed income, FX, and digital. We are elated to add
dynamic leadership by welcoming Mark and Kevin to Crossover."
Crossover Markets is best known for its execution-only
electronic communication network (ECN), CROSSx, an
institutional trading venue for digital assets. Its
ultra-low-latency and quote-driven matching technology, combined
with tailored liquidity and smart order routing, make it a
destination for more competitive prices and overall lower trading
costs.
Crossover Markets recently reported over $3.15 billion (USD) in notional trading value,
415,450 trades, and over 141 billion quotes processed on CROSSx in
Q1 2024. With the added funding, Crossover Markets will continue to
invest in its team and technology, further strengthening its
position in the market.
About Crossover Markets
Crossover Markets is a digital asset trading technology firm
focused on meeting the unique liquidity requirements of
institutions in the cryptocurrency markets. CROSSx,
the company's execution-only cryptocurrency Electronic
Communication Network (ECN), is powered by the industry's fastest
and most advanced matching engine and includes order logic that
enables clients to choose with whom they want to trade. Led by a
team with decades of FX trading, prime brokerage technology and
artificial intelligence experience, Crossover is ushering the next
big wave of institutions in the crypto market. For
more information, visit www.crossovermarkets.com.
Media Contact
Forefront Communications for
Crossover
crossover@forefrontcomms.com
+44 (0) 7375 288 641
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SOURCE Crossover Markets