New to Launch ErisX Crypto Exchange Hires Matt Trudeau, Formerly with Tradewind, Instinet, Chi-X and IEX
ErisX ha decided to bring a new key employee to its leadership board before the launch of its new product, crypto spot and futures trading, which will be officially released in 2019. Now, CoinDesk has reported that Matt Trudeau, a veteran entrepreneur which founded many crypto exchanges, has entered the team of the company. He will be the new Chief Strategy Officer of the company.
The announcement comes a week after ErisX was able to raise about $27.5 million USD via a closed Series B Funding Round. Companies like Nasdaq Ventures, Fidelity Investments, ConsenSys, Bitmain and Monex Group participated in the funding round, which means that you can expect a lot of exchanges to be interested in the future of ErisX.
On his new role, the man will be tasked with the development of long-term strategies that will benefit the company. He is focused on thinking beyond the bear market and planning the future of the exchange by doing something that he already has plenty of experience: making strategical decisions.
The CEO of ErisX, Thomas Chippas, has told the media that the bear market might be hard and companies are facing a difficult time, but so is the stock market, which has been very volatile lately. According to him, nobody is asking if stock exchanges will open their doors tomorrow because the market is bad, so he hopes because can take crypto exchanges to the same standards.
About Matt Trudeau
The career of Matt Trudeau began in the early 2000s. The U. S. equities market was going digital at the time and many changes were being made, so he was understanding how to tokenize and trade precious metals at the time, something that was very challenging.
Trudeau is also responsible for Flash Boys, a book that tells the story of IEX, a stock exchange that he founded to promote fairer markets and that helped in the creation of high-frequency trading in the world.
He has affirmed that the emerge of crypto markets was a revolution but that they need to evolve more now as they are still not quite ready for the future, so part of his job will be seeing new ways to make the market grow.
The New Spot and Futures Market
The new markets at ErisX will be backed by many large firms including ConsenSys, TD Ameritrade and DRW. Spot trading options will be launched for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC) and will be ready until the first half of 2019 ends.
Futures contracts will be released “soon after” and Bitcoin contracts are the only ones confirmed, but Ethereum and Bitcoin Cash contracts are a possibility. This product is still under the pendent approval of the Commodity Futures Trading Commission.
Instead of using cash like the Chicago Mercantile Exchange (CME) and Chicago Board Options Exchange (CBOE), ErisX has decided that it will use actual Bitcoin. This will be more alike what Bakkt, the crypto trading platform created by the New York Stock Exchange (NYSE) owner Intercontinental Exchange (ICE), is doing. Bakkt will start trading in January.
The CEO of the company has affirmed that while everything is still subject to approval, the company is working closely with the regulator like the CFTC to be sure that all products will be available for launch at their intended timeframes.
This is being done because, like all the other companies that want to do the same, ErisX is in the process of securing a range of regulatory licenses like the Derivatives Clearing Organization (DCO), an important license that only the CFTC can give to the company.
One important difficulty cited by the CEO of ErisX is that each state of the U. S. has different laws, so you have to be compliant with them all, which makes it harder to launch a fully national product.
On the other hand, something that will help the company and was cited by Trudeau is that spot trading and futures are more common in the framework of investments and, therefore, the company will have an easier time than if it would launch an Initial Coin Offering (ICO) or a security, for instance. According to him, doing something that makes even the regulators confused spends a lot more time and can be more complicated.