tradeweb

According to Bloomberg, fixed income trading giant Tradeweb Markets led a $31 million Series B funding round for digital asset trading company Crossover Markets Group, with participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, XTX Markets, and Illuminate Financial. The deal values Crossover at approximately $200 million. As part of the transaction, Tradeweb will leverage its algorithmic technology to route institutional clients' crypto orders through the platform, providing a direct channel for its entry into the digital asset space.Crossover was founded in 2022 by seasoned forex market professionals from Jefferies and Euronext FX. Its CROSSx platform employs an ECN model, separating trade execution from custody and credit.

According to FinanceFeeds, Nasdaq-listed electronic trading platform operator Tradeweb Markets Inc. (Nasdaq: TW) has formed a strategic partnership with prediction market operator Kalshi and acquired a minority stake in it.The collaboration aims to expand institutional investors' access to Kalshi's event-based market data and explore new infrastructure for trading event contracts through Tradeweb's electronic platform. Tradeweb has averaged over $2.6 trillion in notional daily trading volume over the past four fiscal quarters, and the initial focus of this partnership will be on integrating Kalshi's real-time event probabilities and related data into Tradeweb's rates and credit platforms.Both parties also plan to jointly develop analytical tools that combine Kalshi's event probabilities with Tradeweb's pricing, liquidity, and macro data sets, enabling institutional participants to build predictive, pricing, and risk models that directly leverage trading event probabilities.Tradeweb CEO Billy Hult stated that prediction markets are increasingly becoming a key part of the trading environment, with the potential to serve as indicators for institutions to dynamically assess macro risks and allocate capital more effectively.