Crossover Markets, a digital asset technology firm, has successfully raised $12 million in its Series A funding round. The investment was led by Illuminate Financial and DRW Venture Capital, with participation from other strategic investors. This funding will enable Crossover Markets to expand its role as a leading electronic communication network (ECN) in digital assets and introduce 24/7 trading to additional asset classes.

Crossover Markets is dedicated to meeting the unique liquidity requirements of institutions in the cryptocurrency market. Its execution-only ECN, CROSSx, is designed to provide institutions with a fast, secure and reliable platform for trading digital assets. The company's technology is built to offer ultra-low-latency and quote-driven matching, combined with tailored liquidity and smart order routing. This results in more competitive prices and lower trading costs for clients.

The Series A funding round marks a significant milestone for Crossover Markets. The investment will be used to further develop the company's team and technology, strengthening its position in the market. Crossover Markets has already demonstrated its capabilities, having reported over $3.15 billion in notional trading value, 415,450 trades and over 141 billion quotes processed on CROSSx in Q1 2024.

The addition of new Board Members, including Mark Beeston, Founder and Managing Partner of Illuminate Financial, and Kevin Wolf, CFO at American Financial Exchange, will bring valuable experience and expertise to the company. The expanded Board will play a crucial role in shaping Crossover Markets' strategy and governance as it continues to grow and evolve.

Crossover Markets' focus on meeting the unique needs of institutions in the cryptocurrency market has positioned it as a leader in the digital asset space. The company's commitment to delivering best-in-class execution capability, combined with its strategic partnerships and investments, is expected to drive growth and innovation in the market.

In the rapidly evolving digital asset landscape, Crossover Markets is well-positioned to capitalize on emerging trends and opportunities. The company's expertise in FX trading, prime brokerage technology and artificial intelligence will enable it to stay at the forefront of market developments and provide clients with cutting-edge solutions.

As Crossover Markets continues to expand its offerings and capabilities, it is likely to play an increasingly important role in shaping the digital asset market. The company's commitment to delivering superior execution and minimizing counterparty risk has resonated with clients, and its strategic partnerships and investments have positioned it for long-term success.