Crossover Markets, a cutting-edge execution-only trading platform tailored for the cryptocurrency market, has successfully secured $12 million in a Series A funding round, spearheaded by Illuminate Financial and DRW Venture Capital.

The landscape of crypto trading is continuously evolving, striving to meet the needs of diverse players. Some participants favor the simplicity of a vertically integrated model, while institutions higher up the hierarchy seek the autonomy to select their custodians, along with the flexibility to choose among various trading venues and counterparties.

Crossover Markets, having recently allied with prime broker Hidden Road, stands out as a premier ultra-low-latency electronic communication network (ECN) within the crypto sphere, as emphasized by CEO Brandon Mulvihill. Unlike traditional crypto exchanges that operate on a central limit order book execution model—offering a singular pool of liquidity regardless of the number of clients—Crossover Markets adopts a distinctive approach.

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“Our model differentiates itself by allowing us to onboard multiple liquidity takers, each benefitting from independent market data sessions and distinct liquidity pools,” Mulvihill elaborated in an interview. “This configuration adds value to both makers and takers, a principle reflected in our fee structure where we charge one basis point to both parties.”

In the first quarter of this year alone, Crossover Markets facilitated over $3.15 billion in notional trading value, as highlighted in a recent press release.

Mark Beeston, founder of Illuminate Financial, will join Crossover’s board of directors. The company’s existing investors comprise Flow Traders, Laser Digital, Two Sigma, Wintermute, and retail brokers such as Exness, Gate.io, GMO, Pepperstone, Trademax, and Think Markets.