Home > Analysis > Bitmain, ConsenSys, Fidelity and More Put $27.5M in the New Crypto Trading Platform

Bitmain, ConsenSys, Fidelity and More Put $27.5M in the New Crypto Trading Platform

Photo: ErisX

Despite numerous slumps that the crypto market has seen this year, many believe in cryptos and see digital coins as the future of finance. That’s why new services for investors emerge and new platforms to provide these services are created. One of such platforms is ErisX, a new crypto exchange that aims at enhancing the digital asset space for institutional and retail traders alike. Starting with Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC), the ErisX solution provides trading, deposits, and withdrawals on a stable capital markets technology infrastructure.

On Tuesday, ErisX announced the closing of a Series B funding round that raised $27.5 million. The company’s investors included a group of influential figures. Among them were Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures (NDAQ) and TradeStation Securities’ parent company, Monex Group Inc. Moreover, ErisX is receiving additional support from existing investors including CTC Group Investments, Digital Currency Group, DRW Venture Capital, Pantera Capital and Valor Equity Partners.

Thomas Chippas, CEO at ErisX, said:

“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. Closing this second round of funding enables us to continue building our modern platform and expand our team.”

The exact amount of money that each investor has given to the company is unknown. The investments will be used to hire staff, create infrastructure, and secure the appropriate steps to develop a regulated market for digital assets.

According to the company’s statement, ErisX will leverage their investors’ strengths, experiences, and knowledge in pioneering a single platform for digital asset spot and regulated futures contracts. ErisX promises to enable investors to trade such digital currencies as Bitcoin, Litecoin, Bitcoin Cash, and Ethereum on spot and futures markets starting from next year, subject to regulatory approval.

Jihan Wu, the head of Bitmain, said:

“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. We are confident that our customers will find this strategic partnership beneficial.”

Joseph Lubin, CEO of ConsenSys, commented:

“The formation of ErisX is an important step in continuing the convergence of digital and traditional asset classes in global institutional financial services. 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.”

John Bartleman, President of TradeStation Group, stated:

“Our customers are increasingly interested in the digital asset space. 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.”

ErisX will also launch its trading platform and clearing service next year. In 2017, ErisX filed documents for derivatives clearing organization (DCO) with US Commodity Futures Trading Commission (CFTC). The approval is expected to be given in the first quarter of 2019. ErisX will get clearing services by its clearinghouse, which needs a separate CFTC permit. In the second quarter of 2019, ErisX is planning to start its futures offering.



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