There is never one way to get to a particular destination. Several routes are usually at your disposal and it is just a matter of choosing which one makes the most sense for you at the moment. That is part of the narrative for ErisX and the differences that exist with other crypto platforms set to come to market over the next 90-120 days.
ErisX announced today that they have successfully completed a Series B funding round with big names taking a stake in the firms expected success. Planning to launch crypto trading for institutions and individuals via spot contracts in Q2 of 2019 and futures contracts in the second half of next year. While competitors are generally offering Bitcoin spot and futures trading only, ErisX is set to launch with four digital asset brands: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Notable contributors to the Series B funding round are Monex Group, Fidelity, Nasdaq Ventures, Bitmain, and ConsenSys.
Attached is the firm’s press release regarding the Series B round:
We wanted to let you know that today we announced the closing of Series B funding from an influential group of investors spanning the traditional capital and digital asset markets including; Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures (NDAQ) and TradeStation Securities’ parent company, Monex Group Inc. (TSE: 8698). We are also receiving additional support from existing investors including CTC Group Investments, Digital Currency Group, DRW Venture Capital, Pantera Capital and Valor Equity Partners.
With such authoritative firms behind us, our position is cemented as an industry-needed solution for a fair and transparent platform in the digital asset space. The new investors are part of an earlier group that saw a void in the market; 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, Third Stone Partners, CMT Digital, Susquehanna International Group, XR Trading, C2 Capital Management and ED&F Man Capital Markets Inc.
Led by Chief Executive Officer Thomas Chippas, Chief Commercial Officer Kelly Brown and Head of Clearing Liz James, among other derivatives and digital asset experts, we will operate an intermediary-friendly, CFTC-regulated futures exchange (registered) and clearing organization (registration pending), as well as a spot market for digital assets.
“With increasing financial support from leading edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants,” said Chippas. “Closing this second round of funding enables us to continue building our modern platform and expand our team.”
We will leverage our investors’ strengths, experiences and knowledge in pioneering a single platform for digital asset spot and regulated futures contracts.
“Many of our customers have been seeking various hedging solutions and would be happy to see US regulatory compliant exchanges like ErisX provide spot and futures’ contracts in one platform,” said Jihan Wu of Bitmain. “We are confident that our customers will find this strategic partnership beneficial.”
“The formation of ErisX is an important step in continuing the convergence of digital and traditional asset classes in global institutional financial services,” said Joseph Lubin, CEO of ConsenSys. “We are excited to invest and to be working with the extremely credible team. We look forward to seeing ErisX drive significant growth in institutional flows in both spot and futures digital asset markets in 2019.”
“Our customers are increasingly interested in the digital asset space,” said John Bartleman, President of TradeStation Group. “We believe ErisX recognized a gap in the crypto market and we are excited to partner with them to bring sophisticated traders into this space.”
Competing with Nasdaq, Bakkt, and Fidelity for institutional business will make for an interesting race. Launching with four different tokens may give ErisX a leg up on the competition. Time will tell.