Crossover Markets, a leading ultra-low-latency electronic communication network (ECN) in the crypto world, has recently received a $12 million Series A funding round led by Illuminate Financial and DRW Venture Capital. The platform, known for its superfast execution-only trading capabilities for cryptocurrencies, has been making waves in the market. In a major move, Illuminate founder Mark Beeston will be joining Crossover’s board of directors, further solidifying the platform’s position in the industry.
The crypto trading landscape is rapidly evolving to accommodate different types of players, from individual traders to large institutions. Crossover Markets aims to cater to a wide range of clients, offering a vertically integrated model for those seeking simplicity, as well as the option for institutions to choose their custodian and trade with multiple venues and counterparties. This flexibility sets Crossover apart in the market, making it a preferred choice for many traders and investors looking for efficient and reliable trading solutions.
In a strategic partnership with prime broker Hidden Road, Crossover Markets has positioned itself as one of the few ultra-low-latency ECNs in the crypto space, according to CEO Brandon Mulvihill. Unlike traditional crypto exchanges that use a central limit order book execution model, Crossover’s ECN model allows for multiple pools of liquidity and market data sessions, providing independent value to both makers and takers. With a competitive rate card that charges one basis point to both makers and takers, Crossover has quickly garnered attention and trust in the crypto trading community.
With over $3.15 billion in notional trading value handled in the first quarter of this year, Crossover Markets has demonstrated its ability to facilitate large-scale trading activities efficiently and effectively. This impressive trading volume, combined with the platform’s unique ECN model, has attracted a diverse range of investors, including Flow Traders, Laser Digital, Two Sigma, Wintermute, and several retail brokers. The addition of Illuminate Financial’s Mark Beeston to Crossover’s board of directors further underscores the platform’s growing influence and reputation in the crypto trading industry.
As crypto trading continues to gain traction and evolve, platforms like Crossover Markets are at the forefront of innovation and efficiency. By offering ultra-low-latency ECN capabilities, along with a flexible model that caters to both individual traders and institutional clients, Crossover has set itself apart as a leading player in the market. With a strong investor base and a dedicated team of professionals, the platform is poised for continued growth and success in the ever-changing world of cryptocurrency trading.
