Electronic trading firm Tradeweb has led a $31 million Series B funding round in institutional crypto trading platform Crossover Markets, valuing the company at $200 million. DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial, and XTX Markets participated in the round.
According to Wednesday’s announcement, the deal also includes a strategic partnership that will allow Tradeweb customers to access spot crypto liquidity through Crossover’s CROSSx electronic communications network (ECN), allowing the company to enter institutional crypto trading and connect digital asset markets with a global network of institutional traders.
The investment comes as venture funding for crypto startups has rebounded over the past 18 months. Investors poured more than $20 billion into about 1,660 deals in 2025, the largest annual total since 2022, according to Galaxy’s research, with trade, currency and infrastructure companies attracting the largest share of capital.
2025 VC capital invested. sauce: galaxy report
The funds will be used to expand CROSSx, Crossover’s cryptographic electronic communications network designed for institutional trading.
Since launching in 2023, CROSSx has processed approximately 12 million trades with more than $50 billion in notional transaction volume and currently supports nearly 100 market participants, according to the company.
Related: Ledn raises $188 million in first Bitcoin-backed loan securitization: Bloomberg
Crypto market infrastructure attracts new venture funding
Several infrastructure companies raised new funding in early 2026 as investors backed institutional trading, clearing and settlement systems, highlighting growing venture interest in the financial infrastructure that underpins crypto markets.
Digital asset infrastructure company Talos has raised a $45 million extension in its Series B round, valuing the New York-based company at approximately $1.5 billion. Talos provides software that enables financial institutions to trade, manage, and settle positions in digital assets between exchanges, over-the-counter desks, and custodians.
Payment infrastructure company Mesh has secured $75 million in a Series C round led by Dragonfly Capital, valuing the San Francisco-based company at $1 billion. Investors including Paradigm, Coinbase Ventures, and SBI Investment participated in the round, and part of the funding was settled using stablecoins rather than traditional bank rails.
Stablecoin payments platform Rain has raised $250 million in a Series C round led by Iconiq, valuing the company at $1.95 billion as it expands its global payments network.
Meanwhile, VelaFi has raised $20 million in a Series B round led by XVC and Ikuyo to expand its enterprise payment and payment services across Latin America, the US, and Asia.
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