Chicago-based Eris Exchange has secured backing from the likes of TD Ameritrade and Virtu Financial for a cryptocurrency spot and futures trading platform.
ErisX will offer in trading in Bitcoin, Bitcoin Cash, Ether and Litecoin. Investors will also be able to trade futures contracts that will be delivered physically - meaning owners will get the cryptocurrency, not cash, when contracts expire.
Brokerage TD Ameritrade has invested in ErisX, alongside DRW Holdings and Virtu Financial, which will be act as market makers on the new platform.
NEX Opportunities, Cboe Global Markets, CTC Group Investments, Digital Currency Group, Nico Trading, Pantera Capital and Third Stone Partners, CMT Digital, Susquehanna International Group, XR Trading, C2 Capital Management and ED&F Man Capital Markets are all also backing the venture.
Thomas Chippas, former head of global quantitative execution at Citi, has joined as CEO, tasked with ushering in institutional adoption of cryptocurrency trading.
Says Chippas: "Leveraging our heritage and experience with exchange infrastructure, our market participants will benefit from modern trading tools on a fair and transparent platform. ErisX’s enhanced experience will provide the opportunity for new participants to enter the digital asset market and existing participants a superior venue for their execution and clearing needs."
After being among the first financial services firms to offer approved clients with access to bitcoin futures contracts last year, TD Ameritrade expects the investment in ErisX will help it to provide retail investors with exposure to emerging opportunities in other digital asset classes.
“Our retail clients are seeking to access and trade digital currency products in the same way they do with traditional capital markets - through a legitimate, regulated and transparent exchange,” says Steve Quirk, executive vice president of Trading & Education at TD Ameritrade. “That’s precisely why we chose to invest in ErisX - to make digital currency products more accessible to retail clients.”