PANews reported on March 5th, citing Bloomberg, that fixed-income trading giant Tradeweb Markets led a $31 million Series B funding round for digital asset trading firm Crossover Markets Group. DRW Venture Capital, Ripple, Virtu Financial, Windemute Ventures, XTX Markets, and Illuminate Financial also participated. The deal values ​​Crossover at approximately $200 million. As part of the deal, Tradeweb will leverage its algorithmic technology to route crypto orders from institutional clients through its platform, providing them with direct access to the digital asset space.

Founded in 2022 by forex market veterans from Jefferies and Euronext FX, Crossover's CROSSx platform uses an ECN model that separates trade execution from custody and credit, and has matched over $50 billion in notional trading volume since its launch.