ErisX Cryptocurrency Exchange: Real Bakkt Bitcoin Trading Platform Rival?

ErisX Aims to Create a Crypto On-Ramp to Compete with Bakkt: Everything You Need to Know About ErisX

Crypto startup ErisX debuted to the public earlier this year. Launched by Chicago-based Eris Exchange, ErisX aims to provide a crypto on-ramp to retail and institutional investors – similar to what Bakkt is developing.

The crypto community is buzzing about ErisX. More competition is always a good thing for consumers. Now, it appears Bakkt will have some competition as it rolls out a crypto custody platform and other crypto services.

Right now, there’s limited information about ErisX available online. Today, we’re highlighting some of the things we know about ErisX as it prepares to roll out its product.

What Will ErisX Offer?

ErisX aims to offer a fully-regulated marketplace for digital assets. That marketplace will include both spot and futures contracts.

ErisX has also named the first four cryptocurrencies that will be available for trading on the platform, including bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).

As the official ErisX.com website explains,

“the ErisX solution provides trading, deposits and withdrawals on a stable capital markets technology infrastructure.”

“With a regulated, liquid and accessible offering, ErisX will enhance the digital asset space for institutional and retail traders alike.”

Who’s Behind ErisX?

ErisX is in development by a Chicago-based trading platform called Eris Exchange. The Eris Exchange team has been operating a regulated Designated Contract Market (DCM) for the past seven years.

The company was founded in July 10 to offer cash-settled swap futures. In 2017, ErisX filed for a Derivatives Clearing Organization (DCO) license from the CFTC.

Since Q3 2017, Eris has exclusively focused on digital assets. The board has agreed to focus completely on digital assets moving forward.

ErisX Launch Date

The ErisX website explains that the company is expecting to receive DCO approval from the CFTC in Q1 2019. By Q2 2019, ErisX will launch crypto spot contracts. Before the end of 2019, the company will launch futures contracts.

After that, the next step will be to expand digital asset products with options trading.

ErisX Features

There are plenty of different crypto marketplaces available online today. ErisX aims to differentiate itself from the competition with the following features:

High Onboarding And Operating Standards

ErisX will have “rigorous on-boarding” procedures, including AML/KYC certification and “market surveillance provided by experienced third party specialists to protect our markets and the participants from abusive practices,” according to the official website.

Derivatives Clearing Organization

ErisX has applied for a DCO license from the CFTC, and they expect that license to be granted in 2019. This will allow the company to offer regulated settlement services for the crypto spot market.

Spot Modeled After Futures

ErisX aims to,“apply regulatory best practices from our futures market to improve the digital assets trading experience.” The goal is to create a healthy, sustainably, and voluntarily compliant spot market.

State Licenses

ErisX also plans to seek individual state regulatory approvals, which will allow customers in 50+ states and US territories to send fiat currency directly to the exchange and trade digital assets on the spot market. Today, even the largest exchanges ban customers in certain states – say, New York – from trading because of complex regulatory frameworks in certain states.

Major Partners

ErisX is backed by some big names, including DRW Venture Capital, Valor Equity Partners, TD Ameritrade, Virtu Financial, Cboe, Chicago Trading Company (CTC), Nex Opportunities, and Digital Currency Group, among others.

Conclusion

ErisX aims to provide effective crypto on-boarding solutions, making it easier for retail and institutional investors to participate in crypto markets. The platform aims to launch trading activity in mid-2019 after receiving a DCO license from the CFTC in early 2019.

To learn more about ErisX and its ongoing development, visit online today at ErisX.com.