Eris Exchange To Launch Crypto Trading Platform
Eris Exchange LLC, a US futures exchange, is planning to open a crypto trading platform ErisX powered by large financial services companies such as DRW Holdings, Virtu Financial, and TD Ameritrade Holding Corporation, Bloomberg reports.
Thomas Chippas, ex-head of the global quantitative execution at the financial services and investment company Citigroup Inc., will take on the role of executive director at ErisX.
Source: Eris Exchange
Investors will be able to trade bitcoins, ethers, and Litecoin, inclusive of futures contracts on digital currencies, on the new ErisX crypto platform.
ErisX will also allow traders to obtain basic crypto assets instead of cash if the futures contracts expire. Such a service will be very useful for major crypto investors who cannot fully trust the unregulated digital marketplace.
DRW and Virtu already have their shares in Eris Exchange, while the brokerage firm TD Ameritrade will act as an investor in the new crypto project for the first time.
According to Steve Quirk, EVP of trading and education at TD Ameritrade, the clients of their company are looking for the same simple crypto market trading procedures as on conventional exchanges, which are characterized by clear, regulated, and legal processes.
ErisX intends to coordinate its new contracts with the Commodity Futures Trading Commission (CFTC). ErisX spokesperson assumes that if the CFTC approves their project, then the trading on the new crypto exchange will begin in Q2 2019.
As previously reported, Christopher Giancarlo, the chair of the CFTC, stated that many rules on the crypto market do not comply with economic standards.