ErisX, a regulated digital asset derivatives exchange, announced this Tuesday that it has closed a Series B funding round, raising $27.5 million. The new crypto exchange managed to attract funds from Fidelity Investments and Nasdaq Ventures, among others.
Bitmain, ConsenSys, Monex Group, CTC Group Investments, Digital Currency Group, DRW Venture Capital, Pantera Capital, and Valor Equity Partners all participated in the round. This is on top of previous investments into the exchange.
ErisX, which has previously seen backing by TD Ameritrade, is a derivatives and digital asset trading platform. The company has said that it plans to offer investors the ability to trade main cryptocurrencies such as bitcoin, litecoin, and ether on spot and futures markets. It plans to offer this by next year, providing it receives all necessary regulatory approval.
According to an article from Reuters, Nasdaq has confirmed its participation in the funding round but declined to disclose its investment amount. Fidelity also didn’t immediately respond to requests for comment, the news outlet said.
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According to the Chief Executive Officer of ErisX, Thomas Chippas, the investments will be used to hire staff and “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets.
The company’s mission is to be a fully-regulated futures market and clearinghouse by the Commodity Futures Trading Commission (CFTC). The firm is still yet to finalize its registration for its clearinghouse operations.
ErisX also plans to operate as a spot market for digital assets. However, the company will have to look elsewhere for regulation, as the CFTC doesn’t oversee this market. According to its website, users can expect the platform to launch spot contracts in the second quarter of next year.
Speaking on the investment, Joseph Lubin, CEO of ConsenSys, said in a statement that the new platform “is an important step in continuing the convergence of digital and traditional asset classes in global institutional financial services.”