Nasdaq Invests In ErisX Crypto Exchange
A New York-based stock exchange Nasdaq, along with other companies, invested in a Chicago-based platform for digital assets ErisX. The startup received $27.5 million in total, Reuters reports.
Nasdaq confirmed its investment but refused to disclose the exact amount transferred to the project. Apart from the stock exchange, other major players also took part in the second round of financing — a corporation Fidelity Investments, the mining giant Bitmain, and a firm ConsenSys founded by Joseph Lubin.
According to Thomas Chippas, the head of the startup, the proceeds will be used to build a team and develop the infrastructure for the new regulated digital assets market, created for both private and institutional traders.
ErisX will conduct operations with both cryptos and derivatives. The exchange will support bitcoin, ether, and Litecoin, as well as launch futures contracts following the approval of the regulators. Jihan Wu, the head of Bitmain, noted that the all-in-one platform for crypto trading and futures can satisfy the demands of clients, who look for various hedging solutions. The platform is expected to be launched in the second quarter of 2019.
Nasdaq, an American stock exchange with a market capitalization of more than $14.8 billion, previously showed interest in the blockchain and crypto sphere. In November 2018, the company began to provide the cryptocurrency market with its solutions against fraud and manipulations. The Nasdaq technology is already deployed by the Gemini exchange, founded by the Winklevoss brothers.
Despite the fall in the crypto market, Nasdaq still plans to issue bitcoin futures.