Tradeweb led a $31 million Series B investment in institutional crypto trading platform Crossover Markets, valuing the company at about $200 million. Other participants included DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial and XTX Markets.
The financing includes a strategic partnership that will give Tradeweb’s clients access to spot crypto liquidity via Crossover’s CROSSx electronic communication network (ECN). The arrangement marks Tradeweb’s entry into institutional cryptocurrency trading and links its global institutional-trader network with digital-asset markets.
The round comes as venture funding for crypto startups has rebounded. Galaxy research reports that investors deployed more than $20 billion across roughly 1,660 deals in 2025 — the largest annual total since 2022 — with trading, exchange and infrastructure firms capturing the largest share of capital.
Crossover said it will use the proceeds to expand CROSSx. Since its 2023 launch, CROSSx has processed over $50 billion in notional trading volume across about 12 million trades and currently supports nearly 100 market participants.
Crypto market infrastructure continued to attract venture capital in early 2026, as investors backed trading, payments and settlement systems aimed at institutions. Recent notable financings include:
– Talos: a $45 million extension to its Series B, valuing the New York–based digital-asset infrastructure provider at about $1.5 billion. Talos provides software for trading, position management and settlement across exchanges, OTC desks and custodians.
– Mesh: a payments infrastructure firm that raised $75 million in a Series C led by Dragonfly Capital, valuing the San Francisco–based company at $1 billion. Investors included Paradigm, Coinbase Ventures and SBI Investment; part of the financing was settled using stablecoins.
– Rain: a stablecoin payments platform that raised $250 million in a Series C led by Iconiq, valuing the company at about $1.95 billion as it expands its global payments network.
– VelaFi: raised $20 million in a Series B led by XVC and Ikuyo to expand enterprise payments and settlement services across Latin America, the United States and Asia.
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