In a move to expand its offering, Fidelity Digital Assets has tapped into Chicago-based ErisX’s spot market to ensure that its customers have a wider pool of assets from which to trade.
ErisX made the announcement on Thursday which signifies an expansion of the two companies’ already existing relationship.
Back in 2018, Fidelity Digital Assets (FDA) made a bet on ErisX through an equity investment in the company. The latest move from both companies ensures that FDA customers can place orders to either buy or sell on the FDA platform but with added liquidity from the ErisX order book in case the FDA platform does not meet the specifics of the order.
“While ErisX works with individual and institutional investors that value surveilled, fair and professionally-run market centers, the ErisX model has always included intermediaries as a way for digital assets to be a part of an investor’s broader portfolio,” ErisX stated in its announcement. “The addition of Fidelity Digital Assets brings a stable of vetted institutional investors that want increased access to Bitcoin liquidity.”
ErisX prides itself on offering a highly regulated digital assets marketplace. The company has scored a slew of strategic partners to ensure that it offers its customers the best trading experience. The addition of the FDA partnership is a continuation of that effort.
“We believe in the crypto ethos of accessibility to all on equal terms and about leveling the playing field for everyone,” ErisX CEO Thomas Chippas said in a statement. “Our time-tested and proven central limit order book ensures that the best price on the market is available to everyone. We are thrilled to have Fidelity Digital Assets’ support for our transparent market model.”
Access to a central limit order book such as the one offered by ErisX has several advantages chief among which is that it enables all parties with access to it the benefit of the equalized liquidity pool. This means that all clearinghouses (which will now include Fidelity Digital Assets’) will also be able to access the order book to fulfill customer orders.
“They all get access to the same opportunity to get the best possible price and I think that’s what’s attractive,” Chippas added.
Terrence Dempsey, who heads the product division at FDA added that:
“We believe ErisX’s central limit order book exchange model is critical to the maturation of crypto markets. Coupled with their technical aptitude, accessible order sizes, and a robust regulatory framework, ErisX is an attractive solution to securely access digital assets.”
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