CHICAGO & NEW YORK--(BUSINESS WIRE)--ErisX today announced membership into Silvergate Bank’s Silvergate Exchange Network (SEN) enabling ErisX Exchange and Clearing Members to make nearly instantaneous U.S. Dollar (USD) transfers. By joining SEN, ErisX’s Members have access to the USD payment platform to make withdrawals and deposits 7am to 7pm CT.
“ErisX is a bridge between the established capital markets and the entrepreneurial spirits in crypto that have driven the creation of a 24/7 spot market,” said Thomas Chippas, CEO of ErisX. “We bring a secure and transparent workflow to the crypto space and expand business hours for our institutional members by giving them a wider withdrawal window with fiat by joining SEN.”
“We are pleased to expand our exchange connectivity to include ErisX and their innovative platform for spot on cryptocurrencies,” said Alan Lane, CEO at Silvergate. “ErisX has created a regulated platform with capabilities that will enable more people to confidently invest in the crypto markets.”
ErisX is an exchange and clearinghouse that includes a CFTC-regulated futures market for Bitcoin and Ether as well as a 24/7 spot market for Bitcoin, Bitcoin Cash, Ether and Litecoin. Eris Clearing, ErisX’s clearinghouse, guarantees trades and eliminates counterparty risk.
With the SEN integration, ErisX provides Exchange and Clearing Members a simplified way to automatically move fiat 7am to 7pm CT. To learn more about ErisX’s innovative solution for spot and regulated futures on cryptocurrencies, please visit www.erisx.com.
The information contained herein does not constitute a prospectus, nor is it a recommendation to buy, sell or retain any specific financial instrument or security. The information is provided to you for informational purposes only and is intended as a broad overview of certain aspects of ErisX and the market and should not be considered investment, legal, or tax advice.
Silvergate Capital Corporation (NYSE: SI) is a registered bank holding company for Silvergate Bank, headquartered in La Jolla, California. Silvergate Bank is a commercial bank that opened in 1988, has been profitable for 22 consecutive years, and has focused its strategy on creating the banking platform for innovators, especially in the digital currency industry, and developing product and service solutions addressing the needs of entrepreneurs. As of March 31, 2020, Silvergate had total assets of $2.3 billion, total deposits of $2.0 billion, and total stockholders’ equity of $245 million.
ErisX offers individuals and institutions a single, innovative platform to access crypto spot and futures markets. By combining professional tools, advanced technology, sophisticated regulatory oversight, and a diverse product set, ErisX offers compliant, capital markets friendly workflows to digital market participants. Backed by some of the world’s largest trading firms and financial institutions, ErisX brings transparency and reliability to the digital asset class. ErisX, Eris Exchange, and the ErisX and Eris Exchange logos are trademarks of the Eris Exchange group of companies.
Licenses and Registrations
ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to Eris Clearing’s license to engage in virtual currency business activity by the New York State Department of Financial Services.