Crossover Markets, a platform that focuses on ultra-fast cryptocurrency trading, has successfully raised $12 million in a Series A funding round. The funding was led by Illuminate Financial and DRW Venture Capital.
The CEO of Crossover Markets, Brandon Mulvihill, highlighted the importance of their platform in the evolving landscape of crypto trading. He mentioned that their platform caters to both individual traders looking for a simple trading experience and institutional investors who require more options in terms of custodians and trading venues.
Unlike traditional crypto exchanges that use a central limit order book execution model, Crossover Markets operates as an electronic communication network (ECN) with ultra-low latency. This means that they can provide multiple independent market data sessions and pools of liquidity to different clients, offering value to both makers and takers of liquidity.
In the first quarter of this year alone, Crossover Markets facilitated over $3.15 billion in notional trading value, showcasing the platform’s significant presence in the market. With the addition of Illuminate Financial founder Mark Beeston to their board of directors, Crossover Markets is poised for further growth and success.
Other investors in Crossover Markets include Flow Traders, Laser Digital, Two Sigma, Wintermute, as well as retail brokers such as Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets. The partnership with prime broker Hidden Road further enhances the platform’s capabilities and offerings to its users.
The crypto trading industry continues to evolve rapidly, with more players entering the market and seeking innovative solutions for their trading needs. Crossover Markets’ focus on ultra-low latency trading and providing value to both individual traders and institutional investors sets them apart in the competitive landscape of cryptocurrency trading platforms.
As the demand for efficient and reliable crypto trading platforms continues to grow, Crossover Markets is well-positioned to capture a significant market share and drive further innovation in the industry. With the support of key investors and industry experts, the platform is set to expand its reach and solidify its position as a leader in the crypto trading space.