Crossover Markets Secures $12M to Boost Ultra-Fast Crypto Trading

Crossover Markets, a trading platform renowned for its superfast execution-only services for cryptocurrencies, has successfully closed a $12 million Series A funding round. This round was spearheaded by Illuminate Financial and DRW Venture Capital, marking a significant endorsement from prominent investors in the fintech and crypto sectors.

The evolution of crypto trading platforms now caters to a diverse range of market participants—from those favoring the simplicity of a vertically integrated model to sophisticated institutional players who demand bespoke services such as the ability to select their own custodians or prefer a choice in trading venues and counterparties.

Crossover Markets is distinguishing itself in this competitive landscape. Last month, the company announced a partnership with prime broker Hidden Road, positioning itself as one of the few ultra-low-latency electronic communication networks (ECNs) in the cryptocurrency arena. “Unlike traditional crypto exchanges that operate on a central limit order book model, our ECN setup allows for multiple independent market data sessions and liquidity pools,” explained Brandon Mulvihill, CEO of Crossover Markets.

This unique approach enables Crossover Markets to serve both liquidity makers and takers efficiently. “If we onboard 50 takers of liquidity, we can manage up to 50 independent market data sessions and 50 pools of liquidity,” Mulvihill stated in a recent interview. Reflecting this dual benefit, the platform’s pricing strategy is straightforward: charging one basis point to both the maker and the taker.

In terms of performance, Crossover Markets reported handling over $3.15 billion in notional trading value just in the first quarter of this year, signaling robust growth and operational success.

Following the funding round, Mark Beeston, founder of Illuminate Financial, will join the board of directors at Crossover, bringing his extensive financial expertise to the table. The company also enjoys the backing of a strong consortium of existing investors, including notable names such as Flow Traders, Laser Digital, Two Sigma, and Wintermute, along with several high-profile retail brokers like Exness, Gate.io, and Think Markets.

As Crossover Markets continues to expand its footprint in the crypto trading world, it remains committed to delivering high-speed, efficient trading solutions that meet the nuanced needs of both retail and institutional traders.