ErisX-Crypto-Exchanges-Secures-27-5-Million-Led-by-Fidelity-Nasdaq-Bitmain-ConsenSys-and-More

ErisX Closes Series B Funding Round, Resulting In $27.5 Million In Investments From Fidelity, Nasdaq Ventures And More

ErisX is a cryptocurrency trading platform that is still working to get their progress going. However, with a recent Series B funding round that closed today at $27.5 million, it is safe to say that they are prepared to push their momentum to a new level. Contributors to this investment include Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures, and Monex Group. These businesses are significant for their current roles in the financial industry, considering that the NASDAQ is the second-largest exchange in the world, and Fidelity handles $7.2 trillion in their clients’ assets. So far, none of the contributors have released the amount of their contribution.

The funding round is the first time these companies have collectively invested in ErisX, which is a project of derivatives market provider Eris Exchange. The platform will make it possible to trade with many cryptocurrencies, with access to bitcoin futures as well. The funding round also included CTC Group Investments, Digital Currency Group, DRW Venture Capital, Pantera Capital and Valor Equity Partners.

In the past, Eris Exchange has also received support from TD Ameritrade, but their goal now is to be the home of a Commodity Futures Trading Commission-regulated futures market and clearinghouse. As of now, the company has not finalized their registration for the clearinghouse. Even though the CFTC doesn’t have any authority in the crypto spot market, ErisX will act as such for crypto. The spot market will allow for trading with Bitcoin, Ethereum, and Litecoin as well.

Thomas Chippas, CEO of Eris Exchange, commented that the funding will help the crypto platform to build itself up and grow the team that is responsible for ErisX. He continued,

“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.”

The launch of spot contracts is scheduled for the second quarter of 2019, and futures contracts are planned to follow them in the other half of the year.

CEO of ConsenSys, Joseph Lubin, commented that,

“The creation and launch of these new platforms is an important step in continuing the convergence of digital and traditional asset classes in global institutional financial services.” Lubin added, “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.”

Jihan Wu from Bitmain weighed in on the new developments as well, saying,

“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.”

As ErisX launches, they will be up against the performance of Nasdaq, Bakkt, and Fidelity in the institutional investor industry, even though they had contributed to their efforts. With the launch of four tokens on their side, the exchange has a better chance of holding their own and, ultimately, coming out on top.

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