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In one of the bigger developments in the cryptocurrency industry heading into the month of May, ErisX will launch a spot market exchange. This is one of the up and coming crypto derivatives providers in the digital currency industry. This latest move is seen as the first step in the process of its corporate growth strategy. The ultimate goal is offering futures on all the major cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
It was reported that this new spot market exchange would immediately support dollar trading pairs with the biggest cryptos. The cryptos included on the list were bitcoin, bitcoin cash, litecoin, and ethereum. It will also support bitcoin trading pairs with these other three cryptos in the initial rollout.
ErisX already has a number of firms looking to trade on its platform at launch, but no specific names were mentioned. Chief Strategy Officer Matt Trudeau stated in a response to ArmyOfBitcoin.com that the new platform will include the company’s exchange and clearinghouse. This would allow the exchange to trade in both cash and cryptocurrency. His direct quote from his conversation was:
“The spot market is really the first component of our overall corporate strategy of what we’re looking to do in 2019.”
Trudeau described this latest move as a “major milestone”. However, it was also referred to as “an initial step in the company’s broader road map”. The big picture is ErisX’s derivatives offerings. This is still pending regulatory approval by the Commodity Futures Trading Commission (CFTC). It would have to first sign off on the company’s derivatives clearing organization (DCO) license application. Once this hurdle is cleared, it could then offer futures for these top cryptos.
While he could not directly address the status of the approval process, Trudeau did add:
“We are engaged in an active dialog with the CFTC and appreciate the staff’s diligence in reviewing our application.”
Company CEO Thomas Chippas recognized the process at hand with the following statement:
“We know that 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.”