Tradeweb Leads $31 Million Series B in Crossover Markets, Forges Crypto Trading Link

Electronic trading firm Tradeweb has led a $31 million Series B funding round in institutional crypto trading platform Crossover Markets, valuing the company at approximately $200 million. The round saw participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial, and XTX Markets. The deal includes a strategic partnership connecting Tradeweb's institutional network with digital asset markets, allowing its clients to access spot cryptocurrency liquidity via Crossover's CROSSx electronic communication network.

This integration marks Tradeweb's first direct link to institutional crypto trading infrastructure, enabling clients to access crypto alongside other asset classes on electronic venues. Crossover stated the new capital will expand CROSSx's capabilities and broaden its institutional trading network. Tradeweb's investment signals sustained demand for institutional-grade crypto infrastructure as traditional electronic networks extend into digital assets.

Crossover Markets launched CROSSx in 2023 as an ECN for institutional crypto trading, connecting market makers, trading firms, and investors to reduce slippage and improve execution. Since launch, it has processed over $50 billion in notional volume across roughly 12 million trades and currently supports close to 100 market participants. The application of the ECN model to digital assets reflects institutional demand for execution models resembling traditional market infrastructure.

The investment coincides with a broader recovery in venture funding for crypto startups. Investors deployed over $20 billion across about 1,660 deals in 2025, the largest annual total since 2022, with trading platforms and infrastructure providers attracting the largest share, according to Galaxy research. Funding has focused on underlying trading and settlement systems rather than consumer applications, with institutional trading technology, custody, and payments networks being active investment areas. Infrastructure companies offer investors exposure to broad market trading activity, and as institutional participation grows, demand for connectivity and settlement systems has become a central theme.

Recent funding rounds indicate venture investors are concentrating on the crypto market's infrastructure layer, where trading volume and institutional adoption drive long-term revenue potential. Several other digital asset infrastructure firms raised capital in early 2026. Talos secured a $45 million Series B extension at a $1.5 billion valuation for its trading and portfolio management software. Mesh raised $75 million in a Series C at a $1 billion valuation for payments infrastructure, with part of the financing conducted via stablecoins. Stablecoin payments network Rain raised $250 million in a Series C at a $1.95 billion valuation. Enterprise platform VelaFi also raised $20 million in a Series B. Collectively, these deals show venture capital focusing on the trading and payments backbone of the crypto market.