Tradeweb Enters Crypto Space with Crossover Investment, Connection

Tradeweb Markets has led a $31 million Series B funding round in crypto ECN provider Crossover Markets that values the firm at $200 million DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial also participated.

Crossover operates CrossX, an execution-only ECN and says the funds will be used to enhance the technology stack, expand operations, and deepen integrations with institutional partners. Crossover says the ECN has matched more than $50 billion in notional trading volume across 12 million trades, since it launched in 2023, and now supports nearly 100 live participants. In October 2025, the firm announced it had matched nearly $5 billion in notional volume during the month.

In addition to the investment, Tradeweb says it plans to provide its clients with access to CrossX through the former’s algorithmic order-routing technology. “This collaboration marks Tradeweb’s entry into institutional crypto, a natural next step in our multi-asset strategy,” says Billy Hult, CEO of Tradeweb. “Institutional investors are increasingly turning to crypto to express macro views and manage risk in a 24/7 global market. As adoption grows, the market needs trusted, institutional-grade infrastructure. Through this planned integration with Crossover, our goal is to extend Tradeweb’s electronic execution standards into crypto — with the liquidity, transparency and discipline our clients expect.”

Brandon Mulvihill, co-founder and CEO of Crossover Markets, adds, “Institutions are demanding the same speed, transparency, and efficiency they rely on in traditional markets. Combining CrossX’s single-digit microsecond matching performance with Tradeweb’s global distribution will mark a significant step forward for institutional crypto trading. Clear separation of duties is fundamental to market structure, and Crossover is purpose-built to serve as the industry’s execution layer and principal market.”