This is the New Competitor of Bakkt on the Derivatives Market

October 4, 2018

3 min read

Yesterday was announced plans to release a derivatives exchange (DCM) and clearing organization (DCO) dubbed ErisX. The startup was developed by Eris Exchange, a derivative trading platform located in Chicago.

Intercontinental Exchange’s upcoming crypto startup Bakkt now has a new competitor on the market. ErisX aims to provide spot contracts as well as futures markets services.

Developed under the supervision of Eris Exchange, ErisX is “backed by both new and existing investors spanning the traditional capital markets and digital asset markets 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 and Third Stone Partners”. Other investors include “CMT Digital, Susquehanna International Group, XR Trading, C2 Capital Management and ED&F Man Capital Markets Inc.”

The project is set to go live on Q2 2019

The project is scheduled to go live in the second quarter of 2019 by releasing the following trading pairs: USD/BTC, USD/BCH, USD/ETH, and USD/LTC. The team behind ErisX hopes that in Q1 2019 the CFTC will approve the Derivatives Clearing Organization (DCO) app, thus the company being able to launch futures contracts for BTC and altcoins like LTC or ETH.

Don Wilson, founder and CEO of DRW Holdings claimed that:

“ErisX will eliminate many of the impediments to institutional adoption and usher in a new wave of market participants. This further develops the digital asset space and brings more transparency to these evolving markets.”

Antonio Gracias, founder and a managing partner at Valor Equity Partners, elaborated:

“To function efficiently, financial markets must demonstrate security and compliance, two critical gaps in today’s digital asset markets. ErisX has recognized there is a monumental opportunity to re-imagine digital asset trading, and they’ve developed a platform to deliver a highly secure yet revolutionary experience that will work better, and for more participants.”

Another member of the investment companies, TD Ameritrade headed by the President and CEO Tim Hockey said:

“As investors in ErisX, as well as a strategic contributor in the initiative, we are looking forward to advancing our innovation goals by working with an established, CFTC-regulated exchange that will include digital asset futures and spot contracts on a single platform. Working with these innovative companies gives us the opportunity to help them develop cryptocurrency products that we believe will fill a gap for retail investors within the digital currency ecosystem.”

Author:

Adriana Midrigan