You may have heard of ErisX on YouTube, or in Crypto News, but what is ErisX?
ErisX is a regulated, institutional grade digital asset trading platform for both institutions and individuals. It is being built by the Eris Exchange team who has a successful seven-year history operating a regulated Designated Contract Market (DCM). Since Q3 2017 ErisX has exclusively been focusing on digital assets.
Initially, the platform will provide trading opportunities for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Features including trading, deposits, withdrawals, as well as spot and futures contracts (physically settled).
ErisX Launch Date:
The launch date for ErisX is expected to be mid-2019. They are awaiting DCO (derivatives clearing organization) license approval from the CFTC (which they filed for in 2017). It is expected that by Q2 2019 they will launch crypto spot contracts. And that by Q4 2019 they will launch futures contracts.
Moving forward, ErisX will likely slowly add more digital assets.
The ErisX platform has institutional level investments from companies such
- Fidelity Investments
- Nasdaq Ventures
- Monex Group
- Digital Currency Group
- TD Ameritrade
- NEX Opportunities
- CMT Digital
- CTC (Chicago Trading Company)
- Virtu Financial
ErisX announced that they have raised $27.5 Million USD in a Series B funding round. This arms them with a sizeable war-chest in addition to whatever funds that the Eris Exchange had at the time it did a 180-degree turn to be all-in on crypto, which to the best of my knowledge is an unknown amount.
ErisX Will be Regulated
The ErisX platform will be a regulated cryptocurrency exchange. This means we can expect proper AML/KYC measures. It is likely that ErisX will be licensing the NASDAQ Smart technology to monitor trading and contribute legitimate information to crypto price indexes. While that is not confirmed, it was announced a while ago that NASDAQ has licensed its market surveillance tech out to 7 crypto exchanges, of which only two have been named.
More on ErisX….
There is very limited information on the ErisX platform. We do not have any sneak
We are not sure of any other developments the ErisX team is working on with respect to crypto adoption. Will there be an ad campaign? Will they be integrating payment solutions (like Bakkt is developing) to help truly aid crypto adoption? No one outside of ErisX knows yet.
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