- Tradeweb is leading a $31 million Series B in Crossover Markets, valuing the crypto ECN at $200 million.
- The deal includes a strategic partnership to connect Tradeweb’s institutional clients with spot crypto liquidity via CROSSx.
- The investment highlights a broader trend of renewed venture capital flowing into crypto market infrastructure in 2025.
- Other recent infrastructure deals include Talos ($45M extension), Mesh ($75M Series C), Rain ($250M Series C), and VelaFi ($20M Series B).
Electronic trading giant Tradeweb spearheaded a $31 million Series B funding round for institutional crypto platform Crossover Markets this week, placing a $200 million valuation on the company and marking Tradeweb’s strategic entry into digital assets. According to its official announcement, the deal also forges a partnership granting Tradeweb’s clients access to crypto liquidity through Crossover’s CROSSx network. Consequently, this capital will specifically expand CROSSx, which has processed over $50 billion in volume since 2023.
This investment arrives as venture funding for crypto startups rebounds strongly, with research showing more than $20 billion deployed across 1,660 deals in 2025. Infrastructure, trading, and exchange firms attracted the largest share of this renewed capital. Meanwhile, several other infrastructure players secured significant funding early in 2026, highlighting focused institutional interest.
Digital asset infrastructure provider Talos raised a $45 million extension, achieving a $1.5 billion valuation for its institutional trading software. Payments infrastructure firm Mesh secured $75 million in a Series C led by Dragonfly Capital, reaching a $1 billion valuation. Separately, stablecoin platform Rain raised $250 million at a $1.95 billion valuation to grow its global payment network.
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