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Crossover Markets Raises $310M Series B Led by Tradeweb at $2B Valuation

Crossover Markets, an institutional-grade digital asset trading technology firm, closed a $310 million Series B funding round at a $2 billion valuation, ChainCatcher reports. Tradeweb Markets led the round, with participation from Ripple, DRW Venture Capital, Illuminate Financial, Virtu Financial, Wintermute Ventures, and XTX Markets; proceeds will fund upgrades to its institutional encrypted communication network CROSSx, global expansion, and deeper system integrations with institutional clients. CROSSx has processed over $50 billion in notional trading volume and executed 12 million trades, supporting nearly 100 active institutional participants, ChainCatcher data show. Tradeweb Markets plans to offer its global clients access to Crossover's institutional spot crypto liquidity through its algorithmic order routing technology, marking the traditional electronic trading operator's entry into institutional crypto trading.
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