Participated · Series B · Apr 2019

ErisX launched a spot market supporting dollar trading pairs for bitcoin, bitcoin cash, litecoin and ethereum, plus bitcoin trading pairs with the other three cryptocurrencies. Its platform includes both an exchange and a clearinghouse, allowing custody of cash and digital assets. The company says the spot launch is an initial step toward broader plans to offer futures, which are pending regulatory approval of its derivatives clearing organization (DCO) application with the CFTC. ErisX is continuing to build out its exchange and clearinghouse technology stacks and to onboard clients. Management expects customers for both spot and futures markets in the coming months as the platform develops. The company has been fundraising to support that development and has also added NYDIG COO/CFO Rob Flatley to its board alongside ConsenSys' Joseph Lubin. ErisX operates a single platform for individuals and institutions to access digital asset spot and futures markets, combining professional trading tools with regulatory oversight. The company plans to enable trading of cryptocurrencies such as Bitcoin, Litecoin, and ether on both spot and futures markets starting next year, pending regulatory approval. ErisX intends to operate as an intermediary-friendly, CFTC-registered futures exchange with a clearing organization registration pending, and to run a regulated spot market for digital assets. The firm emphasizes security and regulatory compliance as core differentiators for institutional and individual participants. Leadership includes CEO Thomas Chippas, chief commercial officer Kelly Brown, and Head of Clearing Liz James. Financially, the company recently completed a Series B round to fund platform development and team expansion. ErisX is launching a derivatives exchange (DCM) and clearing organization (DCO) that will offer fully regulated digital asset futures and spot contracts on a single platform. The platform is designed to provide a regulated, transparent and stable venue with centralized exchange infrastructure for institutional and individual traders. ErisX plans to integrate digital asset products and technology into compliant capital markets workflows and to accelerate investments in the platform and team following a recent funding round. Leadership changes accompanying the launch include Thomas Chippas as CEO and Neal Brady as Executive Chairman. The company is backed by a broad syndicate spanning traditional capital markets and digital-asset investors, which the team says will contribute expertise and market input. Aspects of the offering are pending regulatory approval; no revenue or user metrics are disclosed in the announcement.