TD Ameritrade Backed ErisX, Joins Silvergate Exchange Network for Seamless Fiat-to-Crypto

The move will allow ErisX clients to access deposit and withdrawal facilities based on the U.S dollar ecosystem.

ErisX, the TD Ameritrade backed crypto exchange, has tapped into the Silvergate Bank Bitcoin-friendly services. This Chicago based exchange whose niche is institutional investors will now offer its clients more options when it comes to crypto account management. It joins the likes of Anchorage, Bitstamp, CEX, Coinbase, Gemini, and Kraken, which was onboarded to the Silvergate Exchange Network (SEN) back in November 2019.

The move will allow ErisX clients to access deposit and withdrawal facilities based on the U.S dollar ecosystem. Compared to the Fedwire system, SEN proposes a higher value according to ErisX CEO, Thomas Chippas:

“If you think about the traditional means of moving fiat today, most institutional market participants would utilize the Fedwire system … You're talking about the availability of getting your money around 4:30 p.m. or 5 p.m., depending on the bank.”

He went on to note that the underlying fees are less costly than a Fedwire transfer. Going by this value proposition, it is not surprising that SEN has attracted a significant clientele within the past year. The platform's transaction activity shot up to 31,405 in Q1 2020 compared to 14, 400 during the last quarter of 2019; It is also an improvement from the 7,097 transactions recorded in Q1 of the same year.

Notably, Silvergate, which is listed in the NYSE, has further ventured into product development based on crypto assets. The firm recently scaled access to SEN leverage, a financial product structured to offer U.S dollar-denominated loans with Bitcoin pegged as collateral. ErisX CEO has since hinted that they are also evaluating this product but are yet to decide to bring to the exchange's clients.

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Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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