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.

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.

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.

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.

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.

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.

US technology giants have signed a White House pledge to cover the power costs of their artificial intelligence data centers, which the Trump administration says will prevent consumers from paying higher utility bills.

The non-binding “Ratepayer Protection Pledge” was signed by Amazon, Google, Meta, Microsoft, OpenAI, Oracle and xAI on Wednesday, promising the companies would “build, bring, or buy” the energy needed to build and operate data centers and would not pass on costs to consumers.

“The data centers […] need some PR help,” US President Donald Trump said at a roundtable attended by government officials and representatives from Big Tech firms. 

“People think that if a data center goes in, their electricity prices are going to go up, and that’s not happening. It’s not going to happen — and for the areas where it did happen, it won’t happen anymore,” he added.

Data centers are cropping up across the US amid an AI boom, with the power-hungry technology exceeding the available capacity in some parts of the country, according to a Harvard Kennedy School report from February. 

The report said that data centers could demand up to 12% of all US electricity consumption by 2028. US Energy Information Administration data show that residential energy prices increased 6% in 2025 and are expected to continue rising through 2027 and 2028.

Voters concerned about bills ahead of midterms

Trump announced the pledge in his State of the Union address, and it comes ahead of the midterm elections in November, where voters are concerned about cost-of-living pressures and the impact of AI data centers on the energy grid.

“Some centers were rejected by communities for that, and now I think it’s going to be just the opposite,” Trump said, referring to data centers canceled after locals opposed the projects.

Related: Mining companies move deeper into AI, HPC as MARA may sell Bitcoin

The pledge promises that companies will pay for all new power infrastructure required for their data centers and will pay the cost for the infrastructure and power brought online, whether they use it or not.