NEW YORK & CHICAGO--(BUSINESS WIRE)--ErisX today announced plans to launch a derivatives exchange (DCM) and clearing organization (DCO) that will include fully regulated digital asset futures and spot contracts on one platform.
This new venture is backed by both new and existing investors spanning the traditional capital markets and digital asset markets including DRW Venture Capital, Valor Equity Partners, TD Ameritrade (AMTD), Virtu Financial (VIRT), NEX Opportunities, Cboe Global Markets (CBOE), CTC Group Investments, Digital Currency Group, Nico Trading, Pantera Capital and Third Stone Partners. ErisX is proud to launch with the support of CMT Digital, Susquehanna International Group, XR Trading, C2 Capital Management and ED&F Man Capital Markets Inc. who also participated in the investment round.
ErisX is designed to bring a regulated, transparent and stable venue to the digital asset market with the reliability and trusted infrastructure of a centralized exchange. Thomas Chippas, former head of global quantitative execution at Citi, has joined as CEO of ErisX. Neal Brady has been named Executive Chairman of ErisX.
“Closing this round of funding enables us to accelerate investments in the platform and our team,” said Chippas. “Leveraging our heritage and experience with exchange infrastructure, our market participants will benefit from modern trading tools on a fair and transparent platform. ErisX’s enhanced experience will provide the opportunity for new participants to enter the digital asset market and existing participants a superior venue for their execution and clearing needs.”
The investors each bring unique expertise and input to the project across a diverse range of capabilities in the traditional financial and nascent digital asset spaces.
“ErisX will eliminate many of the impediments to institutional adoption and usher in a new wave of market participants,” said Don Wilson, founder and CEO of DRW, which includes Cumberland, a global leader in the cryptoasset markets. “This further develops the digital asset space and brings more transparency to these evolving markets.”
“To function efficiently, financial markets must demonstrate security and compliance, two critical gaps in today’s digital asset markets,” said Antonio Gracias, founder and managing partner at Valor Equity Partners “ErisX has recognized there is a monumental opportunity to re-imagine digital asset trading, and they’ve developed a platform to deliver a highly secure yet revolutionary experience that will work better, and for more participants.”
“As investors in ErisX, as well as a strategic contributor in the initiative, we are looking forward to advancing our innovation goals by working with an established, CFTC-regulated exchange that will include digital asset futures and spot contracts on a single platform,” said Tim Hockey, president and CEO, TD Ameritrade Holding Corporation. “Working with these innovative companies gives us the opportunity to help them develop cryptocurrency products that we believe will fill a gap for retail investors within the digital currency ecosystem.”
"As a global liquidity provider, Virtu supports and engages products and venues across various asset classes,” said Douglas Cifu, CEO of Virtu Financial. “Given the transparent ErisX market model and regulatory framework, it’s natural we would want to provide liquidity and grow this digital asset market center.”
Eris Interest Rate Swap Futures currently listed on Eris Exchange will migrate to CME Group on December 2, 2018, including a transfer of open interest. Neal Brady will serve as the CEO of Eris Innovations, Eris’ product licensing business.
To learn more about the Eris Swap Futures migration to CME Group, visit www.erisfutures.com.
With in-depth experience delivering and operating a fully regulated market place, ErisX is entering into the digital asset space with a broad offering of both spot and futures contracts on one platform. ErisX is integrating digital asset products and technology into reliable, compliant and robust capital markets workflows. With a regulated, liquid and accessible offering, ErisX will enhance the digital asset space for institutional and individual traders alike. ErisX is the trademark for Eris Exchange and Eris Clearing. ErisX, Eris Exchange, and the ErisX and Eris Exchange logos are trademarks of the Eris Exchange group of companies.