ErisX

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ErisX
Erisx.jpg
Founded 2018
Headquarters Chicago, Illinois
Key People Tom Chippas, CEO; Matt Trudeau, COO
Products Cryptocurrency futures and spot trading markets
Twitter @ErisX_Digital
LinkedIn Profile
Website ErisX Home
Releases Company News

ErisX is an exchange for spot and futures trading in cryptocurrencies. It launched its spot market in April 2019 and its cryptocurrency futures in December of 2019.

ErisX is the successor to Eris Exchange, a designated contract market that listed interest rate swap futures products. ErisX was granted a derivatives clearing organization (DCO) license by the Commodity Futures Trading Commission on July 1, 2019. It was granted a designated contract market license in 2011, under the Eris Exchange structure.

The company aims to attract more institutional investors to the cryptocurrency markets.[1]

ErisX went live with its physically settled bitcoin futures contracts in December 2019, launching the second such product suite in the U.S. [2]

On May 11, 2020, the exchange announced that it was immediately commencing trading in physically deliverable Ether futures contracts. They are the first Ether derivatives contracts to be listed on a U.S. exchange.[3] The exchange's Ether contracts, one of which is priced in U.S. dollars per Ether and the other of which is priced in bitcoin, call for delivery of one Ether. Contracts are listed for monthly and quarterly settlements.[4] The minimum block size for the Ether contracts is 50 contracts.[5]

Background

On October 3, 2018, ErisX announced its formation as the successor to Eris Exchange. Its initial investors included: DRW Venture Capital, Valor Equity Partners, TD Ameritrade, Virtu Financial, CME Group formerly NEX Opportunities, Cboe Global Markets, 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.[6][7]

Following quickly on the closing of its first round of financing, ErisX announced on December 4, 2018, that it had closed a second funding round of $27.5 million with backing from new investors: Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures and TradeStation Securities’ parent company, Monex Group Inc. Some investors from the earlier funding round also participated.[8][9]

ErisX followed that up with a third round of funding in April 2019 of $20 million with investors that included: Arc Light Securities, Castle Island Ventures, Dragonfly Capital Partners, Flow Traders, Tradestation and New York Digital Investment Group (NYDIG).[10][11]

The exchange launched spot trading on April 30, 2019 and related clearing services for bitcoin, Bitcoin Cash, Litecoin, and Ethereum traded against the U.S. dollar and against each other.[12]

The CFTC approval of a license for a derivatives clearing organization on July 1, 2019 further advanced ErisX's ambition to offer spot and futures on cryptocurrencies on a single platform that would then be cleared by a separate, regulated clearinghouse. Futures contracts are planned for listing in the second half of 2019.

Key People

References

  1. ErisX Granted Derivatives Clearing Organization License For Physically Delivered Digital Asset Futures Contracts by U.S. Commodity Futures Trading Commission. ErisX Press Release.
  2. ErisX Take on Bakkt With Launch of Physically Settled US Bitcoin Futures. Coindesk.
  3. ErisX Pioneers First U.S. Based Ether Futures Contract. Business Wire.
  4. Current Futures Products. ErisX.
  5. Amendments to Eris Exchange Rule 601 (Block Trades) and Establishment of Block Trade Size for Ether Futures (Eris Exchange, LLC Submission #2020-05E). ErisX.
  6. ErisX Announces New Exchange for Digital Asset Investors and Traders. ErisX press release via Businesswire.
  7. TD Ameritrade and High-Speed Traders Back New Crypto Exchange. The Wall Street Journal.
  8. Fidelity, Bitmain and More Invest $27 Million in Crypto Trading Platform ErisX. Coindesk.
  9. Chicago chases the pot o' crypto. Crain's Chicago Business.
  10. ErisX Launches Crypto Spot Market on Heels of New $20 Million Raise. Coindesk.
  11. ErisX Wins Additional Support from Influential Investors, Publicly Launches Spot Market. ErisX Press Release.
  12. ErisX Launches Crypto Spot Market on Heels of New $20 Million Raise. CoinDesk.

References