Electronic trading company Tradeweb has led a $31 million Series B funding round in institutional crypto trading platform Crossover Markets, valuing the company at $200 million. The round included participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial and XTX Markets.
According to Wednesday’s announcement, the deal also includes a strategic partnership that will allow Tradeweb’s clients to access spot crypto liquidity through Crossover’s CROSSx electronic communication network (ECN), marking the company’s entry into institutional cryptocurrency trading and linking its global network of institutional traders with digital asset markets.
The investment comes as venture funding for crypto startups has rebounded over the past 18 months. Investors deployed more than $20 billion across about 1,660 deals in 2025, the largest annual total since 2022, with trading, exchange and infrastructure companies attracting the largest share of capital, according to Galaxy research.
The funds will be used to expand CROSSx, Crossover’s crypto electronic communication network designed for institutional trading.
CROSSx has processed more than $50 billion in notional trading volume across roughly 12 million trades since its 2023 launch and currently supports nearly 100 market participants, according to the company.
Related: Ledn raises $188M in first Bitcoin-backed loan securitization: Bloomberg
Crypto market infrastructure draws fresh venture funding
Several infrastructure companies raised fresh capital at the start of 2026 as investors backed trading, payments and settlement systems aimed at institutional clients, highlighting growing venture interest in the crypto market’s underlying financial infrastructure.
Digital asset infrastructure company Talos raised a $45 million extension to its Series B round, valuing the New York–based outfit at about $1.5 billion. Talos provides software that allows institutions to trade, manage and settle digital asset positions across exchanges, over-the-counter desks and custodians.
Payments infrastructure company Mesh secured $75 million in a Series C round led by Dragonfly Capital, giving the San Francisco–based company a $1 billion valuation. The round included investors such as Paradigm, Coinbase Ventures and SBI Investment, with part of the financing settled using stablecoins rather than traditional banking rails.
Stablecoin payments platform Rain raised $250 million in a Series C round led by Iconiq, valuing the company at $1.95 billion as it expands its global payment network.
Meanwhile, VelaFi raised $20 million in a Series B round led by XVC and Ikuyo to expand enterprise payments and settlement services across Latin America, the United States and Asia.
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