ErisX, a Chicago-based cryptocurrency exchange, has launched a spot market. The crypto derivatives provider announced that it would support USD trading pairs with Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). Aside from the USD pairs, there are BTC pairs with other digital assets.
According to the firm, several companies have shown interest in trading on the new platform. ErisX, however, didn’t disclose the identity of the companies.
ErisX, which is regulated by the Commodities Futures Trading Commission (CFTC), is the first crypto exchange that offers both derivatives and spot trading.
“The spot market is really the first component of our overall corporate strategy of what we’re looking to do in 2019, ” said the chief strategy officer of ErisX, Matt Trudeau.
“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.”
ErisX has secured an additional $20 million from several new investors. These investors include Castle Island Ventures, Nasdaq Ventures, Susquehanna International, Arc Light Securities, Consensys, ED&F Man Capital Markets, Pantera Capital, Virtu Financial, Flow Traders, Dragonfly Capital Partners, NYDIG, CMT Digital, DRW Venture Capital, and Cboe Global Markets.
Matt Trudeau is optimistic the exchange will have many customers for both its futures and spot market.
“We look forward to a point where exchanges become so reliable and so performant that the market almost starts to take them for granted, that [they may already] do for other, more mature capital markets,” he said. “In terms of fundamental infrastructure, we hope to make a competent [platform], that people confidently use our exchange and clearinghouse.”
ErisX is expected to face stiff competition from Coinbase and Bakkt which is on track to receive regulatory green-light before the end of this year.