Chicago-based crypto exchange ErisX has joined forces with TradeStation Crypto to expand the breadth of accessible liquidity available to the latter’s customers. Per a new strategic partnership between the two US crypto providers, retail investors signed with TradeStation Cryptowill now be able to trade Bitcoin, Bitcoin Cash, Ether, and Litecoin on ErisX’s spot market.
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.
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 2019.
The partnership with TradeStation Crypto comes as the three-year startup plans to make its products available via US brokers licensed as futures commission merchants (FCMs).
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Tailor-made for crypto traders, TradeStation uses global integrations to create a wide pool of liquidity sources that enable better price discovery and transparency. The company also promotes its crypto desk as helping traders avoid lengthy transactions on traditional exchanges, as well as avoid fees charged by other platforms for instant large volume trades.
A dedicated offering for institutional investors
“We welcome those that wish to come to our market and trade digital assets with or without an intermediary; however, we have always believed that digital assets should be part of an investor’s broader portfolio,” said Thomas Chippas, CEO of ErisX.
TradeStation leverages the brokerage industry expertise of its parent, Japanese financial services giant Monex Group, to address what it perceives to be key concerns and certain weaknesses in the current cryptocurrency ecosystem. The crypto-focused offshoot supports five major cryptocurrencies – Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC) and Ripple (XRP). However, the digital asset broker said its traders in ‘approved states and countries’ will be able soon to trade other supported crypto coins in the future.
“Our customers are increasingly interested in the digital asset space, and we are thrilled to be working with ErisX,” added John Bartleman, President of TradeStation Group.
TradeStation Crypto also provides a dedicated platform to facilitate cryptocurrency trading for institutional investors. In addition to personalized support, the offering secures a one-stop platform for market data aggregation, execution strategy, and back-testing environment, as well as smart order routing and advanced execution algos.