Coinbase and Bakkt Competitor Launches Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) Crypto Trading Pairs
ErisX has announced the launch of its crypto spot trading platform.
The rollout is part of a larger strategy to offer crypto futures trading and clearinghouse services later this year. Backed by several industry leaders, including TD Ameritrade, Fidelity Investments and Nasdaq Ventures. ErisX aims to become the first crypto exchange to provide both spot and derivatives trading.
ErisX, a competitor to both the leading US cryptocurrency exchange Coinbase and the upcoming crypto trading platform Bakkt, allows users to convert US dollars to cryptocurrency. It supports fiat-to-crypto trading pairs for Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), as well as BTC trading pairs for Ethereum, Bitcoin Cash and Litecoin.
ErisX is currently onboarding clients.
According to CEO Thomas Chippas,
“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 raised $20 million in a third round of Series B investments. Participants include Arc Light Securities, Castle Island Ventures, Cboe Global Markets, CMT Digital, ConsenSys, CTC, Dragonfly Capital Partners, DRW Venture Capital, ED&F Man Capital Markets, Flow Traders, Nasdaq Ventures, NYDIG, Pantera Capital, Susquehanna International, Tradestation and Virtu Financial.
ErisX is an offering of Eris Exchange, a Chicago-based derivatives market. Its upcoming physically-backed futures for Bitcoin, Ethereum, Bitcoin Cash and Litecoin have yet to be approved by the Commodity Futures Trading Commission.