Crossover Markets, a leading digital asset trading technology firm catering to institutional liquidity needs, has successfully closed a significant $12 million Series A funding round. The funding, spearheaded by Illuminate Financial and DRW Venture Capital, marks a pivotal moment for the company as it accelerates its expansion plans.

The firm intends to utilize the fresh capital to bolster its workforce, enhance its execution-only electronic communication network, CROSSx, and introduce 24/7 trading capabilities to additional asset classes. These developments were confirmed in a statement released on Wednesday by Crossover Markets co-founder and CEO Brandon Mulvihill.

"This funding round arrives amidst a transformative period in institutional digital asset markets," Mulvihill stated. "Advancements in prime brokerage and central clearing models are reshaping market dynamics, presenting opportunities for execution venues that prioritize client freedom. Illuminate Financial brings deep institutional insights, while DRW contributes extensive expertise as a global leader in multi-asset market making."

Mark Beeston, Founder and Managing Partner of Illuminate Financial, will also join Crossover’s board, underscoring the strategic alignment between the firms. He emphasized Illuminate’s strategic focus on bolstering institutional-grade digital asset infrastructure, aligning with the evolving intersection of traditional finance and digital markets.

"Since 2019, Illuminate Financial has been strategically investing in companies that enhance institutional digital asset infrastructure," Beeston explained. "Crossover's addition to our portfolio underscores our commitment to advancing robust execution capabilities, crucial for financial institutions navigating the evolving market landscape."

In the first quarter of the year, Crossover Markets reported facilitating over $3.15 billion in notional trading value, executing 415,450 trades and generating over 141 billion quotes on its CROSSx platform. This performance underscores the platform's role as a high-performance venue across various asset classes.

"Digital asset markets are witnessing significant structural shifts driven by institutional demand," Mulvihill added. "Additionally, there's a growing discourse around 24/7 trading in traditional asset classes. CROSSx stands at the forefront, designed to deliver unparalleled speed and precision, addressing technological gaps in traditional markets."

The Series A round also welcomed strategic investments from industry leaders like Flow Traders, Laser Digital, Two Sigma, and others, alongside participation from retail brokers such as Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.

Crossover Markets' latest funding round not only positions the firm for accelerated growth but also underscores its pivotal role in advancing institutional digital asset trading infrastructure amid a rapidly evolving market landscape.