ErisX Brings Ethereum Co-founder Joseph Lubin to Board

ErisX has recently concluded a funding round raising more than $27 million from major financial institutions.

Chicago-based crypto exchange ErisX continues its hiring spree as the Wall Street-backed startup is beefing up its leadership ahead of launching its crypto spot and futures trading later this year.

The digital asset trading platform has onboarded Ethereum co-founder Joseph Lubin, who also founded blockchain development firm ConsenSys. Lubin is joining ErisX Board of Directors alongside entrepreneur Cris Conde.

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ErisX has recently concluded a funding round raising more than $27 million from major financial institutions like Bitmain, ConsenSys, Fidelity Investments, and Nasdaq Ventures. The startup says it will offer investors the ability to trade Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on spot and futures markets, subject to regulatory approval.

Lubin’s fortune dropped to less than $1 billion

Lubin, 53, helped launch many crypto businesses, some of which have spun off from ConsenSys where he serves as CEO and holds a majority stake.

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Established in October 2014, ConsenSys is focused on building a growing ecosystem of developers that work on decentralized applications and infrastructure for the Ethereum blockchain. It also advises enterprises and governments globally.

According to Forbes estimates, Lubin’s fortune dropped to less than $1 billion from $5 billion in early 2018. The prolonged bear market also calls into question how long he can continue to fund ConsenSys, which is losing more than $100 million a year as almost all of its businesses are in the red, with few showing hope of profitability.

Commenting on his appointment, Joseph Lubin, said: “ErisX has a unique position in the market with support from a wide range of investors as well as experienced leaders at the helm. I look forward to bringing my experience with decentralized technologies and digital assets to a model that will further democratize access to digital assets. 2019 is likely to be a breakthrough year for digital assets, and the exceptional ErisX team is poised to lead.”

ErisX CEO Tom Chippas added: “As two leaders in the digital asset space, ErisX will benefit from the unique perspectives they offer and the enthusiasm they bring to the space. We also want to thank Cliff for the significant guidance and support he has provided, including helping shape the digital asset spot and regulated futures market.”

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