According to reports on Tuesday, cryptocurrency trading platform ErisX has announced a funding deal that saw the exchange raise $27.5 million in series B funding.
This new series B funding project attracted sponsorship from some of the biggest financial players including Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures and Monex Group. It is important to note that ErisX is owned and managed by derivatives market provider Eris Exchange. With this move, the exchange is expected to offer traders a number of cryptocurrencies, as well as bitcoin futures.
Regardless of their initial investments on the platform, this round of series B funding also attracted participation from companies like the CTC Group Investments, Digital Currency Group, DRW Venture Capital, Pantera Capital and Valor Equity Partners who had earlier invested in the platform.
According to reports, the company is also planning to be Commodity Futures Trading Commission-regulated futures market and clearinghouse. While it hasn’t yet finalized registration for this services, the company has enjoyed the backing of brokerage TD Ameritrade.
More so, the trading platform among other things is expected to act as a spot market for cryptocurrencies even though the CFTC does not oversee the crypto spot market.
Speaking on the recently completed series B funding, Thomas Chippas CEO of ErisX stated that the funding would be used to build the platform as well as putting together a solid team.
“With increasing financial support from leading-edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants” he added.
Following the announcement, ErisX is expected to begin spot contracts services in the second quarter of 2019 with future contracts set to commence in the second half of the year.
Also, CEO of ConsenSys Joseph Lubin stated that the new trading platform “is an important step in continuing the convergence of digital and traditional asset classes in global institutional financial services.”