Chicago-based cryptos exchange platform ErisX has announced the launch of is spot trading market following a successful Series funding round that saw the firm raise another $20 million from a string of new investors.
Getting support right off the gate are dollar pairs for Bitcoin, Bitcoin Cash, Litecoin and Ethereum cryptocurrencies. In addition, Bitcoin also gets paired with the other crypto assets. According to the company’s Chief Strategy Officer Matt Trudeau, the launch of the spot trading platform is part of the company’s business strategy to launch both the spot and futures trading platform. Through spot trading, the company hopes to introduce its customers to its platform.
The exchange is still waiting on regulatory approval from the US CFTC to launch its futures platform which will seek to offer physically settled cryptos futures contracts same as Bakkt and LedgerX platforms. Both are yet to receive a license to operate.
“The spot market is really the first component of our overall corporate strategy of what we’re looking to do in 2019,” said Trudeau about the launch of the spot trading market. Trudeau did not reveal the progress that they have made in regards to securing the CFTC license but he stated that they “are engaged in an active dialogue with the CFTC and appreciate the staff’s diligence in reviewing our application.”
In the Tuesday press release, ErisX reveals the participants of the Series B funding round which include both traditional and digital investors. ArcLight Securities, Castle Island Ventures, Dragonfly Capital Partners, Flow Traders and Tradestation were part of this funding round as well as the New York Digital Investment Group (NYDIG), whose COO and CFO Rob Flatley was also named to the Exchange’s Board of Directors. Other current investors in the exchange also took part including Cboe Global Markets, CMT Digital, Consensys, CTC, DRW Venture Capital, ED&F Man Capital Markets Inc., Nasdaq Ventures, Pantera Capital, Susquehanna International Group, and Virtu Financial.
Despite the launch of the spot market, Thomas Chippas, the exchange’s CEO has said that there is still more that needs to be done as the company moves closer to establishing itself as both a futures and spot trading platform.
“We took a disciplined and methodical approach to the launch of the ErisX spot market,” he said adding that “As experienced market professionals we know that a launch such as this is a process, not a one-off event. We are moving from an initial phase to a public launch, and will continue to work with our partners, investors, and regulators to expand access.”