ErisX, a cryptocurrency derivatives trading platform supported by brokerage giant TD Ameritrade, plans to launch bitcoin futures trading today (10 PM, December 17, Beijing time). The New York-based company issued an announcement to investors and traders informing them about the futures offering. The details of the futures products provided so far are unclear, only knowing that they will be delivered in kind.
ErisX plans to open up a market for compliant crypto products in an industry hailed as the "Wild West" (that is, where standardized management has not yet been implemented). In an earlier interview, Steven Quirk, CEO of TD Ameritrade, stated that the number of people participating in their popular bitcoin science event was "breaking records" and they also received a lot of calls from investors interested in trading cryptocurrencies. Phone and mail.
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To this end, the company claims that its plan will bring the cryptocurrency market to the same level as the stock market, filling a "structural gap" in the cryptocurrency market. The company's futures solutions are targeted at large institutional trading brokers and were licensed by the Derivatives Clearing Corporation (DCO) in July of this year.
At the same time, the company has also established a "low friction" system that allows traders to use cryptocurrencies. ErisX Chief Strategy Officer Matt Trudeau said this meant making it easier and more familiar for existing traders to interact with cryptocurrencies.
For example, the integration of ErisX and GMI, the latter is a back-office solution for futures brokers (FCM) derivatives clearing and accounting systems. According to Crunchbase, ErisX has raised a total of $ 47.5 million from a number of well-known investors, including TD Ameritrade, CME Ventures, and Digital Currency Group.
Rival Bakkt promises to provide investors with a similar end-to-end compliance experience. The company launched related products in September and currently offers physical and cash-settled monthly Bitcoin futures contracts and options contracts on its platform. Given the wealth of industry expertise in the senior management of these two institutions, they may send a new, compliant identity signal to cryptocurrencies.