ErisX Launches Crypto Spot Market Following Series B Fundraising

Market participants are invited to begin trading on the platform. A regulated futures market is expected later this year.

US-based cryptocurrency exchange ErisX is announcing the public launch of its spot market. The launch follows the closure of the third round of Series B fundraising.

The spot exchange is the first part of ErisX’ greater vision for a single platform that will act as both a digital asset spot and regulated future exchange. The latter part of this vision, along with a clearinghouse, is expected to be launched later this year, pending approval from the Commodity Futures Trading Commission (CFTC).

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“We took a disciplined and methodical approach to the launch of the ErisX spot market,” said Thomas Chippas, CEO of ErisX. “As experienced market professionals, we know that a launch such as this is a process, not a one-off event…and will continue to work with our partners, investors, and regulators to expand access.”

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ErisX Adds Dragonfly Capital Partners, Tradestation, and Others to List of Investors

The “investors” that were added in this latest round of fundraising include Arc Light Securities, Castle Island Ventures, Dragonfly Capital Partners, Flow Traders, Tradestation and New York Digital Investment Group (NYDIG). Rob Flately, the COO and CFO of NYDIG has also been named as a member of ErisX’ board of directors.

A number of ErisX’ existing investors also contributed once again during this most recent funding round, including Cboe GlobalMarkets, CMT Digital, Consensys, CTC, DRW Venture Capital, ED&F Man Capital Markets Inc., Nasdaq Ventures, Pantera Capital, Susquehanna International Group, and Virtu Financial.

The launch of another institutional-grade cryptocurrency exchange in the US could open the door to more institutional adoption and ownership of crypto. This was noted by some of ErisX’ investors: “Our investment in ErisX supports further advances in the crypto market structure and will help bring more established players into the space…[and] benefits the crypto ecosystem,” said John Bartleman, President of TradeStation Group.

In a report by Binance published earlier this month, it was revealed that only 7 percent of cryptocurrency is institutionally owned.

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