Crypto Execution-Only Platform Crossover Markets Secures $12M in Funding
Crossover Markets, an ultra-low-latency electronic communication network (ECN) in the crypto space, has successfully raised $12 million in a Series A funding round. The investment was led by Illuminate Financial and DRW Venture Capital. Mark Beeston, the founder of Illuminate Financial, will join Crossover’s board of directors.
The platform aims to cater to different types of traders, from those who prefer a vertically integrated model to institutions desiring the ability to choose their custodian or trade on various venues. With its partnership with prime broker Hidden Road, Crossover Markets differentiates itself by offering ultra-low-latency ECN functionality in the cryptocurrency market.
Unlike traditional crypto exchanges that use a central limit order book execution model, Crossover Markets enables multiple market data sessions and liquidity pools for each taker of liquidity. This unique model allows the platform to offer value to both makers and takers, with pricing reflected in its rate card.
In the first quarter of this year, Crossover Markets facilitated over $3.15 billion in notional trading value, reflecting its growing presence in the crypto market. Other investors in the platform include Flow Traders, Laser Digital, Two Sigma, Wintermute, Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.
The funding obtained by Crossover Markets will further strengthen its position in the industry and drive its mission to provide efficient and seamless crypto trading services.