Crossover Markets raises $12 million Series A led by Illuminate Financial, DRW Venture Capital

Illuminate Financial founder and Managing Partner Mark Beeston will join Crossover’s board as part of the deal.

Crossover Markets, a digital asset trading technology firm focused on institutional liquidity requirements, has announced securing $12 million in a Series A funding round led by Illuminate Financial and DRW Venture Capital.

"This fundraise comes at a time when institutional market structure is changing in digital assets," Crossover Markets co-founder and CEO Brandon Mulvihill said. "Prime brokerage and central clearing models are advancing, creating fungibility and exposing execution venues that hold clients captive. Illuminate brings enormous depth of knowledge across the institutional landscape, and DRW adds significant expertise as one of the largest, multi-asset market makers in the world.

"Illuminate Financial has been building out a portfolio of institutional grade digital assets infrastructure companies since 2019 as part of our thesis around the convergence of traditional finance and digital asset market structure," Beeston said.

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