Connect with us

Crypto World

Crossover Markets Closes $31M Series B at $200M Valuation With Tradeweb Leading the Round

Published

on

Nexo Partners with Bakkt for US Crypto Exchange and Yield Programs

TLDR:

  • Crossover Markets closed a $31M Series B round at a $200M valuation, led by Tradeweb Markets.
  • Tradeweb will route institutional spot crypto orders to CROSSx using algorithmic order-routing tech.
  • CROSSx has matched over $50 billion in notional volume across 12 million trades since its launch.
  • Investors include Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and DRW Venture Capital. 

Crossover Markets has closed a $31 million Series B funding round at a $200 million valuation. Tradeweb Markets led the round, joined by DRW Venture Capital, Illuminate Financial, Ripple, Virtu Financial, Wintermute Ventures, and XTX Markets.

The investment strengthens CROSSx, an execution-only cryptocurrency electronic communication network. Through the deal, Tradeweb will route institutional spot crypto orders to the platform.

This partnership reflects the growing convergence between traditional finance and digital asset trading infrastructure.

Tradeweb Partnership Brings Institutional Crypto Access to Global Clients

Tradeweb plans to connect its global clients to Crossover’s institutional spot crypto liquidity. It will use its algorithmic order-routing technology to direct trades to CROSSx.

This move marks Tradeweb’s formal entry into institutional crypto markets. The integration combines CROSSx’s microsecond matching speed with Tradeweb’s established global distribution network.

Advertisement

Crossover Markets CEO Brandon Mulvihill welcomed the development with a clear statement of intent.

“We are pleased to announce our Series B financing and are grateful to both our existing and new investors, whose support is a testament to the transformative role CROSSx is playing in the digital asset ecosystem.” — Brandon Mulvihill, Co-Founder and CEO, Crossover Markets

Mulvihill further noted that institutions are demanding speed, transparency, and efficiency similar to traditional markets. He added that few Wall Street leaders understand those standards better than Tradeweb.

Combining CROSSx’s single-digit microsecond matching with Tradeweb’s global reach marks a significant step forward. He also stressed that clear separation of duties remains fundamental to sound market structure.

Advertisement

Tradeweb CEO Billy Hult echoed that view, framing the deal as a natural progression.

“This collaboration marks Tradeweb’s entry into institutional crypto, a natural next step in our multi-asset strategy. Institutional investors are increasingly turning to crypto to express macro views and manage risk in a 24/7 global market.” — Billy Hult, CEO, Tradeweb

Hult added that as adoption grows, markets now require trusted, institutional-grade infrastructure. The planned integration aims to extend Tradeweb’s electronic execution standards into the crypto space.

Clients can expect the liquidity, transparency, and discipline Tradeweb is known for delivering. That commitment aligns directly with what CROSSx was built to provide.

Advertisement

Crossover also shared its excitement across social media, reinforcing the milestone.

“This milestone marks the continued convergence of traditional finance and digital assets.” — Crossover Markets (@crossover_mkts)

Proceeds to Fund Technology Growth and Expanded Global Operations

Crossover Markets will direct funding toward enhancing its core technology infrastructure. Additionally, the company plans to expand its global operations and deepen institutional integrations.

Advertisement

Since launching, CROSSx has matched over $50 billion in notional trading volume. The platform now supports nearly 100 live participants across 12 million completed trades.

Crossover Markets also highlighted participation from firms like Virtu Financial and XTX Markets. These traditional finance players bring regulatory expertise and disciplined risk management to the table.

Their involvement helps bridge conventional capital markets with cryptocurrency trading infrastructure. Together, they strengthen the institutional credibility of the CROSSx platform.

Crypto-native firms Ripple and Wintermute Ventures also joined the round as participants. Their inclusion reflects confidence from within the digital asset community itself.

Advertisement

CROSSx supports low-latency execution, advanced order types, and FIX protocol connectivity. These features cater directly to institutional participants requiring reliable, professional-grade trading tools.

With this financing in place, Crossover Markets is now better positioned to lead institutional crypto trading. The company aims to solidify CROSSx as the venue of choice for digital asset execution.

As traditional and crypto markets continue merging, Crossover Markets stands at the center of that shift.

Advertisement

Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Crypto World

Eight Sleep Secures $50M in Funding to Build AI Sleep Agents

Published

on

image.png

Stablecoin firm Tether has led a $50 million strategic investment round in sleep technology startup Eight Sleep, to help the company integrate artificial intelligence agents into its sleep tech products.    

The latest funding round was announced on Tuesday, with Eight Sleep raising $50 million at a $1.5 billion valuation. It follows a $100 million raise last August. The firm specializes in sleep health products, primarily across bedding and supplements.

In an announcement on Tuesday, Tether expressed its strong conviction in health technology to support “longevity, performance, and disease prevention,” and will collaborate with Eight Sleep to bring artificial intelligence-based health technology products to market.

​Tether has been using its capital stockpile to invest in a wide range of areas outside crypto. Its investments span the gold sector, media, biotechnology and AI. The firm has also made multiple attempts to buy professional football clubs.

Advertisement
image.png
Source: Matteo Franceschetti

“Technologies that can turn continuous health data into clear, practical insights will shape the future of consumer health and wellness,” Tether said.

“The investment is designed to empower Eight Sleep and establish a long-term collaboration to build advanced AI-driven health technology using, among others, Tether’s QVAC architecture and leveraging QVAC’s edge intelligence to enhance Eight Sleep products,” it added.

Tether’s QVAC is a privacy-focused health tech service launched in December that enables users to integrate their bio-health data from multiple services or products, like smart rings, into a single platform, supported by local on-device AI to help users with data management and health insights.  

Eight Sleep has stated that it plans to build a sleep-focused AI agent to support its Pod, a sleep tech product that automatically adjusts bed temperature, elevation, and sound based on factors such as heart rate, breathing, snoring, time asleep and sleep stages.

​Related: Stablecoin giving grows as ‘crypto philanthropy’ matures: Report

Advertisement

​The Pod already has AI integrations to track sleep health data; however, Eight Sleep has said the funding will help evolve the company’s current AI tools and capabilities.

“We’ve built the most seamless AI-powered health sensing system in the world, and this partnership with Tether gives us the infrastructure to take that intelligence beyond the Pod, into every aspect of personal health,” noted Franceschetti as part of Tether’s announcement.