Tradeweb Markets has led a $31 million Series B funding round for electronic communication network (ECN) platform Crossover Markets, bringing its post-money valuation to approximately $200 million. Other participants in the round include DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial. Tradeweb plans to integrate its algorithmic trading technology to connect institutional clients' crypto trading orders to the platform. Crossover Markets employs an ECN architecture similar to the forex market, separating trading from custody and credit services to mitigate systemic risk during market volatility.