TD Ameritrade invests in cryptocurrency exchange ErisX
Retail brokerage TD Ameritrade Holding Corp has invested in a new cryptocurrency exchange called ErisX, a regulated derivatives exchange and clearing organization that will include digital asset futures and spot contracts on one platform.
ErisX will allow clients to potentially trade other cryptocurrency futures
The company was among the first financial services firms to offer approved clients with access to bitcoin futures contracts over the CBOE Futures Exchange last year and the latest move is a bid to offer clients digital asset investment options beyond the popular bitcoin.
ErisX will allow clients to potentially trade other cryptocurrency futures, such as Etherium and Litecoin, said JB Mackenzie, TD Ameritrade’s managing director of futures and foreign exchange.
He added: “As a strategic investor in the initiative, we look forward to working with the team at ErisX as they develop and launch digital currency products designed to fulfill the needs of retail investors. ErisX’s plan is to offer traders access to cryptocurrency spot contracts as well as futures contracts on a single exchange.”
ErisX aims to launch spot trading in the first half of 2019, with physically settled futures to launch later in 2019, subject to regulatory approval, said ErisX Chief Executive Officer Thomas Chippas.
The company said that its retail clients were 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.
TD Ameritrade did not disclose the size of its investment in ErisX. It joins more than a dozen other investors, including Virtu Financial Inc, Cboe Global Markets Inc and Digital Currency Group in contributing to the funding round.