Retail Brokerage TD Ameritrade Invests In Crypto Exchange ErisX

Investing, News | October 4, 2018 By:

Regulated derivatives exchange ErisX has secured an undisclosed investment from retail brokerage TD Ameritrade.

ErisX is a new venture by the Eris Exchange group of companies designed to bring a regulated, transparent and stable venue to the digital asset market with the reliability and trusted infrastructure of a centralized exchange. ErisX will be headed by Thomas Chippas, former head of global quantitative execution at Citi.

ErisX plans to offer traders access to cryptocurrency spot contracts as well as futures contracts on a single exchange. The platform will initially support bitcoin, Bitcoin Cash, ethereum and Litecoin.

As a strategic investor in the initiative, TD Ameritrade will be working with the ErisX team as they develop and launch digital currency products.

“Our retail clients are seeking to access and trade digital currency products in the same way they do with traditional capital markets – through a legitimate, regulated and transparent exchange,” said Steve Quirk, executive vice president of Trading & Education at TD Ameritrade. “That’s precisely why we chose to invest in ErisX – to make digital currency products more accessible to retail clients.”

In addition to TD Ameritrade, ErisX is also backed by investors spanning the traditional capital markets and crypto markets, including DRW Venture Capital, Valor Equity Partners, Virtu Financial (VIRT), NEX Opportunities, Cboe Global Markets (CBOE), CTC Group Investments, Digital Currency Group, Nico Trading, Pantera Capital and Third Stone Partners.

“To function efficiently, financial markets must demonstrate security and compliance, two critical gaps in today’s digital asset markets,” said Antonio Gracias, founder and managing partner at Valor Equity Partners “ErisX has recognized there is a monumental opportunity to re-imagine digital asset trading, and they’ve developed a platform to deliver a highly secure yet revolutionary experience that will work better, and for more participants.”

Chippas said that closing this round of funding enables them to accelerate investments in the platform and their team.

“Leveraging our heritage and experience with exchange infrastructure, our market participants will benefit from modern trading tools on a fair and transparent platform,” Chippas said. “ErisX’s enhanced experience will provide the opportunity for new participants to enter the digital asset market and existing participants a superior venue for their execution and clearing needs.”