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.

Crossover plans to use the fresh funding to expand its team, further develop its execution-only electronic communication network, CROSSx, an institutional trading venue for digital assets, and bring 24/7 trading to additional asset classes, according to a statement on Wednesday.

"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 …