CoinDesk reports:
Crossover Markets Group, founded by two former JPMorgan executives, has raised $12 million in Series A funding. The funding round, announced today (Wednesday), was led by Illuminate Financial and DRW Venture Capital (DRW VC).
Crossover Markets co-founder and CEO Brandon Mulvihill said, “This funding comes at a time when the institutional market structure for digital assets is changing.” “Illuminate brings tremendous depth of knowledge across the institutional space, and DRW, as one of the world’s largest multi-asset market makers, adds important expertise.”
“Discussion about all-weather trading”
Crossover was founded in 2022 by former JPMorgan executives Mulvihill and Anthony Mazzarese. While Mulvihill served as CEO, Mazzarese was the Chief Business Officer.
The company launched the CROSSx encrypted communication network last year, promising to reduce trading costs, improve execution quality, and enhance market data capabilities. Despite being popular in forex, ECNs are a first for the cryptocurrency industry.
As reported earlier by Finance Magnates, Crossover Markets processed over $3.15 billion in notional trading value in the first three months of 2024, and handled 141 billion quote updates.
Mulvihill added, “The market structure for digital assets is undergoing a critical change, driven by institutional demand and activity.” “At the same time, we are witnessing the early emergence of discussions around all-weather trading for traditional asset classes.”
Support for Crossover
Crossover has also received support from well-known figures in the trading industry. Earlier, it secured funding from institutions such as Flow Traders, Laser Digital, Two Sigma, and Wintermute, as well as retail brokers like Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets, concluding its seed round.
Following the latest funding round, Illuminate Financial founder and managing partner Mark Beeston and former Chief Financial Officer of the American Stock Exchange and former CEO of Euronext Kevin Wolf will join Crossover’s board.
Beeston said, “Since 2019, Illuminate Financial has been building a portfolio of institutional-grade digital asset infrastructure companies as part of our thesis around the convergence of traditional finance and digital asset market structures.” “Crossover adds top-notch execution capabilities to that portfolio.”
