One crypto derivatives provider, founded in 2017, “ErisX” has announced its Spot Market today. The company has a list of firms which are ready to associate with the company; however, none of these names was disclosed. The exchange has said that it will be trading in pairs of bitcoin, Litecoin, Ethereum, bitcoin cash all are paired against the US dollar. Plus, these crypto coins will be paired with each other too.
Chief strategy officer of the exchange Matt Trudeau said that the exchange platform would operate as both an exchange and clearinghouse. This dual role will be performed to allow the exchange to have custody of both cash and cryptocurrencies. He said,
“The spot market is really the first component of our overall corporate strategy of what we’re looking to do in 2019.”
The CSO also said that this new launch is a crucial step, but the exchange will not top here. He said that it is just a beginning. The exchange would be coming with derivatives which are yet to get approved by the authority. He did not say anything about the application process and the current application statues, however, he said that once the concerned authority signs the license application, the exchange would be ready to take off and might offer futures on cryptocurrencies too.
The present team of ErisX has prior experience of working at exchanges and clearinghouses. So the team is ready to shoulder every present and future task. He said that the exchange is totally aware that this is a process. The exchange is at the initial stage but is marching forward along with the customer, partners, and investors.
The exchange is in a nascent stage and is making efforts to develop the platform and services. At present, it might not have a huge client base, but it is determined to get it done. The company is aiming to become a platform in which people would believe. It wants to get accepted in the global crypto space. The exchange is raising funds and adopting better technical support to make it happen.
As a matter of fact, the exchange has recently conducted the third round of Series B which helped it gather $20 million for the business. Last year too, the exchange conducted a fundraising campaign where it got $27.5 million.