<b>Crossover Markets Secures $31 Million in Series B Funding</b>

Crossover Markets, a leading provider of institutional crypto execution services, has raised $31 million in Series B funding. This significant investment brings the company's valuation to approximately $200 million.

The funding round was led by Tradeweb Markets, with notable participation from several prominent firms, including DRW Venture Capital, Illuminate Financial, and Ripple. Other participants included Virtu Financial, Wintermute Ventures, and XTX Markets.

The new capital will be used to enhance CROSSx, Crossover's execution-only crypto electronic communication network. This platform has already demonstrated impressive growth, with over $50 billion in notional trading volume processed across approximately 12 million trades.

CROSSx currently supports nearly 100 participants and is poised for further expansion. The investment also marks a significant step towards institutional adoption of crypto trading, with Tradeweb planning to provide its clients with access to Crossover's liquidity through its algorithmic order-routing technology.