Tradeweb Makes Crypto Push With a Bet on FX-Style Market

Institutional money is starting to migrate away from crypto exchanges and into over-the-counter venues that look more like Wall Street. Tradeweb Markets Inc. is leading a $31 million bet that the shift is just beginning.

The fixed-income giant is heading a Series B round in Crossover Markets Group Inc., an electronic communication network that separates trade execution from custody and credit — the same structural overhaul that reshaped foreign-exchange markets years ago. As part of the deal, Tradeweb will route its institutional clients’ crypto orders through the venue using its own algorithmic technology, giving one of the largest electronic trading firms a direct on-ramp into digital assets.