Tradeweb | Crypto

The transaction used the Marshall Islands-issued USDM1 bond as collateral and completed the full repo cycle on the Canton Network in under 10 minutes. Virtu Financial, M1X Global and Tradeweb completed an onchain repo transaction using a sovereign digital bond as collateral, with the full transaction settling on the Canton Network. The transaction used USDM1, a US dollar-denominated sovereign bond issued onchain by the Republic of the Marshall Islands and backed 1:1 by short-term US Treasurys. The bond pays a coupon while being used as collateral and is structured under New York law as a fully collateralized sovereign obligation. Both companies said it was the first repo to combine natively issued sovereign collateral with fully onchain atomic settlement. Executed between regulated counterparties on Tradeweb, the full repo and repurchase cycle was completed in under 10 minutes. Read more

Franklin Templeton transferred a tokenized US Treasury to Virtu Financial in what Tradeweb said was the first real-time transaction settled against USDCx. Tradeweb, an institutional electronic trading platform, has executed an onchain transaction involving tokenized US Treasuries, with Franklin Templeton transferring a tokenized Treasury security to Virtu Financial in exchange for tokenized cash over the Canton Network. Tradeweb provided execution and price discovery, while the Canton Network synchronized settlement between the tokenized Treasury and tokenized cash. The companies said the trade settled in real time, but did not disclose its size. A Tradeweb spokesperson told Cointelegraph the deal marked the industry's first real-time purchase and sale of a tokenized US Treasury settled against USDCx, a USDC-backed stablecoin issued on Canton. Participants included Blockdaemon, Digital Asset, Societe Generale, Franklin Templeton, Tradeweb and Virtu Financial. Read more

The investment includes a strategic partnership that will connect Tradeweb’s institutional trading network with Crossover’s CROSSx platform for spot crypto liquidity. Electronic trading company Tradeweb has led a $31 million Series B funding round in institutional crypto trading platform Crossover Markets, valuing the company at $200 million. The round included participation from DRW Venture Capital, Ripple, Virtu Financial, Wintermute Ventures, Illuminate Financial and XTX Markets. According to Wednesday’s announcement, the deal also includes a strategic partnership that will allow Tradeweb’s clients to access spot crypto liquidity through Crossover’s CROSSx electronic communication network (ECN), marking the company’s entry into institutional cryptocurrency trading and linking its global network of institutional traders with digital asset markets. The investment comes as venture funding for crypto startups has rebounded over the past 18 months. Investors deployed more than $20 billion across about 1,660 dea...