Crossover Markets Raises $12 Million in Series A Funding

Crossover Markets, a high-speed execution-only trading platform specializing in cryptocurrencies, has successfully secured a $12 million Series A funding round. The investment was led by Illuminate Financial and DRW Venture Capital.

Revolutionizing Crypto Trading with Unique ECN Model

The platform, under the leadership of CEO Brandon Mulvihill, stands out as one of the few ultra-low-latency Electronic Communication Networks (ECNs) in the crypto space. Crossover Markets offers a distinctive model that provides value to both liquidity makers and takers through its innovative approach to market data sessions and liquidity pools.

Mulvihill explained, “Our ECN model allows for independent market data sessions and pools of liquidity for each client, unlike traditional crypto exchanges with a central limit order book execution model. This flexibility is reflected in our pricing structure, charging one basis point each to the maker and taker.”

Crossover Markets reported a remarkable trading volume of over $3.15 billion in notional value during the first quarter of this year, showcasing its rapid growth and market traction.

Illuminate Financial founder Mark Beeston is set to join Crossover’s board of directors, further strengthening the company’s strategic vision and industry expertise. The platform has also garnered support from notable investors such as Flow Traders, Laser Digital, Two Sigma, Wintermute, and various retail brokers including Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.