Crossover Markets Secures $31M Series B Led by Tradeweb for Crypto ECN Expansion
A strategic collaboration will integrate Crossover's CROSSx platform for spot cryptocurrency liquidity with Tradeweb's network of institutional traders.
Institutional crypto trading platform Crossover Markets has closed a $31 million Series B funding round spearheaded by electronic trading firm Tradeweb, bringing the firm's valuation to $200 million. Additional investors in the funding round included DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial and XTX Markets.
As revealed in Wednesday's announcement, the agreement encompasses a strategic collaboration enabling Tradeweb's clientele to tap into spot cryptocurrency liquidity via Crossover's CROSSx electronic communication network (ECN), signifying the firm's initial foray into institutional digital asset trading and bridging its worldwide institutional trader network with cryptocurrency markets.
This funding arrives during a period when venture capital deployment into crypto ventures has experienced a resurgence throughout the last 18 months. Capital allocators poured over $20 billion into approximately 1,660 transactions in 2025, representing the most substantial yearly figure since 2022, with trading platforms, exchanges and infrastructure providers capturing the lion's share of investment, per Galaxy research findings.
The capital raised will support the expansion of CROSSx, the crypto electronic communication network developed by Crossover specifically for institutional market participants.
Since launching in 2023, CROSSx has facilitated over $50 billion in notional trading volume spanning approximately 12 million executed trades and presently serves close to 100 market participants, based on company data.
Crypto market infrastructure draws fresh venture funding
Multiple infrastructure providers secured new funding at the beginning of 2026 as capital allocators supported trading platforms, payment solutions and settlement infrastructure targeting institutional participants, underscoring heightened venture capital attention toward the foundational financial infrastructure powering crypto markets.
Digital asset infrastructure provider Talos completed a $45 million extension of its Series B funding round, establishing a valuation of approximately $1.5 billion for the New York–headquartered operation. Talos delivers software solutions enabling institutions to execute trades, administer portfolios and settle digital asset holdings across trading venues, over-the-counter platforms and custody providers.
Payments infrastructure developer Mesh obtained $75 million through a Series C funding round headed by Dragonfly Capital, establishing a $1 billion valuation for the San Francisco–based enterprise. The funding round featured backing from investors including Paradigm, Coinbase Ventures and SBI Investment, with a portion of the capital settled through stablecoins instead of conventional banking infrastructure.
Stablecoin payments infrastructure Rain completed a $250 million Series C investment round spearheaded by Iconiq, establishing a valuation of $1.95 billion as the firm broadens its international payment infrastructure.
In related developments, VelaFi secured $20 million through a Series B funding round headed by XVC and Ikuyo to broaden enterprise payment capabilities and settlement infrastructure throughout Latin America, the United States and Asia.