Tradeweb Markets has led a $31 million Series B in Crossover Markets, the institutional digital asset firm behind CROSSx, valuing the company at $200 million. Other participating investors include DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets and Illuminate Financial.

CROSSx is an execution only cryptocurrency ECN, one of the first in the industry, designed to eliminate conflicts of interest by separating execution from other services. The platform offers anonymous and disclosed bilateral liquidity pools and has matched more than $50 billion in notional volume across 12 million trades, with nearly 100 live participants.

Tradeweb is a major…