Electronic trading firm Tradeweb led a $31 million Series B round in institutional crypto trading platform Crossover Markets, valuing the company at $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), marking Tradeweb’s entry into institutional cryptocurrency trading and linking its global institutional trader network with digital-asset markets.
The round comes amid a rebound in venture funding for crypto startups: investors deployed more than $20 billion across roughly 1,660 deals in 2025, the largest annual total since 2022, with trading, exchange and infrastructure companies taking the largest share, according to Galaxy research.
Crossover said the funds will be used 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 has drawn fresh venture capital in early 2026 as investors back trading, payments and settlement systems targeting institutions. Examples 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 offers software for trading, managing and settling digital-asset positions across exchanges, OTC desks and custodians.
– Mesh: a payments infrastructure company that raised $75 million in a Series C led by Dragonfly Capital, valuing the San Francisco–based firm 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 $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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