According to Bloomberg, Tradeweb Markets led a $31 million Series B funding round for electronic communication network (ECN) platform Crossover Markets, with a post-money valuation of approximately $200 million. Participating investors include DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial. Tradeweb plans to integrate institutional clients' crypto trading orders into the platform using its proprietary algorithmic trading technology. Crossover employs an ECN architecture similar to the foreign exchange market, separating trade matching from custody and credit services to reduce systemic risk during market volatility.