E-commerce firm Tradeweb has led a $31 million funding round in institutional crypto trading platform Crossover Markets, valuing the company at $200 million. The round had participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial and XTX Markets.
According to the announcement on Wednesday, the agreement also includes a strategic partnership that will allow Tradeweb customers to access cryptographic liquidity through the CROSSx electronic network (ECN), which will mark the company’s entry into the institutional trading of cryptocurrencies and will connect a 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. According to Galaxy Research, investors allocated more than $20 billion in 1,660 deals in 2025, the largest annual amount since 2022, with trading, exchange and infrastructure companies attracting the largest share of capital.
The funds will be used to expand CROSSx, Crossover’s cryptographic communications network designed for institutional trading.
According to the company, since its launch in 2023, CROSSx has processed approximately 12 million trades with a total trade volume of over $50 billion and currently supports approximately 100 market participants.
related to: Ledn Raises $188M in First Bitcoin-Backed Debt Securitization: Bloomberg
Crypto market infrastructure attracts new funding
Several infrastructure companies have raised new capital at the start of 2026 as investors support trading, payment and settlement systems aimed at institutional clients, highlighting the growing venture interest in the financial infrastructure of the crypto market.
Digital asset infrastructure firm Talos has extended a $45 million Series B round, valuing the New York-based outfit at about $1.5 billion. Talos offers software that enables institutions to trade, manage and settle digital asset positions on exchanges, exchange desks and custodians.
Payments infrastructure company Mesh has raised $75 million in a Series C round led by Dragonfly Capital, valuing the San Francisco company at $1 billion. The round included investors such as Paradigm, Coinbase Ventures and SBI Investment, with part of the funding being 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 raised $20 million in a Series B round led by XVC and Ikuyo to expand its enterprise payments and settlement services in Latin America, the United States and Asia.
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