Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
It seems that once again, a crypto exchange has beat Bakkt, the Bitcoin (BTC) venture launched by the New York Stock Exchange, to the punch. Announced Monday afternoon, ErisX, a Chicago-based cryptocurrency startup, has secured a “derivatives clearing organization” (DCO) license from the Commodity Futures Trading Commission (CFTC).
https://twitter.com/ErisX_Digital/status/1145792868046516226
Bitcoin Futures Expected From ErisX
Last year, a group of Wall Street veterans and crypto pioneers unveiled ErisX, a to-be-launched cryptocurrency exchange slated to offer digital assets to a retail and institutional audience. However, like many other exchanges in the works, the startup fell on harsh regulatory setbacks, with the CFTC suddenly becoming hesitant towards Bitcoin.
Related Reading: Bitcoin Price (BTC) At Risk Of Correction Below $10,000, Reverse FOMO Trigger?
But as aforementioned, ErisX revealed Monday that it has secured a DCO license from the CFTC. With this regulatory stamp of approval, the Bitcoin exchange now has the authority to list “digital asset futures contracts” on a platform slated to “launch later this year”.
ErisX is expected to launch physically-backed vehicles for Bitcoin, Ethereum, and potentially other digital assets this year.
The firm has notably been backed by Bitmain, CME, CBOE, ConsenSys, Digital Currency Group, DRW, Nasdaq, Fidelity, and, most notably, TD Ameritrade. The retail brokerage is expected to soon open Bitcoin and digital asset trading for its millions of customers across the U.S., many of which will soon get their first taste of cryptocurrency via an ErisX product.
This latest tidbit of news comes hot on the heels of a similar announcement from LedgerX. As reported by this outlet previously, the New York-headquartered platform received clearance from the U.S. Commodity Futures Trading Commission (CFTC) last week. The approval allows LedgerX to trade physically-settled BTC futures.
According to CoinDesk, chief operating officer Juthica Chou has claimed that her company has no exact timeline, but she noted that LedgerX is looking to be the incumbent in this market.
Featured Image from Shutterstock
