Chicago-based crypto exchange ErisX has partnered with Etale’s institutional trading platform, which offers a suite of crypto-friendly products, including real-time market data, account management tools, and order execution.
Etale’s software improves trading for institutions across many cryptocurrency venues. Its routing algorithm uses stablecoins to optimize execution across fiat and crypto platforms.
A user of ErisX will be able to leverage Etale’s graphical trader workspace, create and manage orders using different types to interact with many pools of liquidity simultaneously.
“Their familiar infrastructure for institutional investors, unified platform for spot and regulated futures as well as state and federal licenses to help protect market integrity make the ErisX offering an attractive marketplace,” said Matthew Cushman, CEO of Etale.
ErisX, which is backed by US brokerage TD Ameritrade, has been granted two different regulatory designations, a derivatives clearing license and a designated contract market (DCM) license.
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Making cryptos a mainstream investment
While its contracts vie with the Bakkt’s futures in trading physically delivered Bitcoin, ErisX was the first digital asset exchange to offer both spot and futures markets on the same platform. ErisX’s first spot trading product, which includes Bitcoin, Bitcoin Cash, Ehtereum, and Litecoin, went live in April.
The partnership with Etale comes as the two-year startup plans to make its products available via US brokers licensed as futures commission merchants (FCMs). Once launched, at least 11 million of TD Ameritrade’s customers will gain access to ErisX products, which would be another step towards the mass adoption of crypto assets.
ErisX was among four regulated trading platforms in the US vying to become the first to launch physically-delivered bitcoin futures.
Earlier last year, ErisX 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.
“We want to align the ErisX platform with best-in-class technology providers who will enhance the trading experience for our Members. We are impressed with the functionality of the Etale platform and pleased to work with them to offer our Members a high quality solution to trade digital assets,” added Ian Grieves, Head of Product at ErisX.