Crossover Markets Secures $12 Million to Boost Digital Trading Technology
Crossover Markets has raised $12 million through a Series A funding round led by Illuminate Financial and DRW Venture Capital. This investment will help Crossover Markets expand its team and enhance its trading platform, CROSSx, which focuses on allowing institutions like banks and investment firms to trade digital assets like Bitcoin.
What is Crossover Markets?
Crossover Markets is a company that creates technology for trading digital assets, such as cryptocurrencies, designed for big institutions. Think of it like a special marketplace or a high-tech tool that makes it easier and faster for financial companies to buy and sell digital money.
What is Series A Funding?
Series A funding is an important milestone for a company. This is when investors give money to a company they believe will grow. These investors get a share of the company in return. It's like when someone lends you money to start a business, and in return, they get a piece of your profits.
The Leaders Behind the Investment
Mark Beeston, founder of Illuminate Financial, will join Crossover Markets' board. Illuminate Financial is a company that invests in other financial technology companies. Joining him is Kevin Wolf, the CFO of American Financial Exchange and former CEO of Euronext FX.
How Will the Funding Be Used?
The newly raised $12 million will be used to:
- Expand the team: Hiring more people to grow the business.
- Develop CROSSx: Improving the platform to make it better for trading digital assets.
- 24/7 Trading: Allowing trading to happen 24 hours a day, 7 days a week, which is not common for traditional trading platforms.
Crossover's CEO, Brandon Mulvihill, stated that they received this funding at a time when the market for digital assets is changing due to increasing institutional interest.
The Importance of Digital Asset Trading
Digital assets, such as cryptocurrencies, have become more popular. Institutions like banks and big investment firms are showing more interest in trading these assets. Crossover Markets is making sure they have the best tools to do this efficiently, even offering the capability for trading to happen all day, every day.
Performance Metrics
In April, Crossover Markets reported impressive statistics:
- $3.15 billion in trading value
- 415,450 trades
- Over 141 billion quotes on CROSSx in Q1
These numbers show that their platform is already handling a large amount of trading activity.
Other Investors
The venture capital firms, Illuminate Financial and DRW Venture Capital, join existing strategic investors like:
- Flow Traders
- Laser Digital
- Two Sigma
- Wintermute
- Retail brokers like Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.
This diverse group of investors shows a wide interest and confidence in the success of Crossover Markets.
Conclusion
Crossover Markets is at the cutting edge of developing tools for trading digital assets, focusing on meeting the needs of big institutions. With this new funding, they are set to expand and improve their platform, aiming to bring the advantages of constant, precise trading to traditional financial markets.
