Crypto Execution-Only Platform Crossover Markets Raises $12M
Summary
Crossover Markets, a cryptocurrency trading platform, has raised $12 million in a Series A funding round led by Illuminate Financial and DRW Venture Capital. The platform is unique in offering ultra-low-latency electronic communication networks (ECNs) in crypto, providing value to both the maker and the taker. Unlike traditional crypto exchanges that use a central limit order book execution model, Crossover Markets can have multiple independent market data sessions and pools of liquidity. The company recently partnered with prime broker Hidden Road and handled over $3.15 billion in notional trading value in Q1 of this year. Illuminate Financial founder Mark Beeston will join Crossover’s board of directors.
