Crypto Derivatives Platform ErisX Raises $27.5 Million From Bitmain, Fidelity and Nasdaq Ventures

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Chicago-based crypto trading platform ErisX has closed a Series B funding round that raised $27.5 million, the company anounced on Tuesday, December 4.

Funding comes from an influential group of investors spanning the traditional capital and digital asset markets including Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures and TradeStation Securities’ parent company, Monex Group Inc.

Nasdaq confirmed their participation to Reuters without specifying the amount of their contribution, while Fidelity has not responded to requests for comments by press time.

The new investors are part of an earlier group that saw a void in the market; including DRW Venture Capital, Valor Equity Partners, TD Ameritrade (AMTD), Virtu Financial (VIRT), NEX Opportunities, Cboe Global Markets (CBOE), CTC Group Investments, Digital Currency Group, Nico Trading, Pantera Capital, Third Stone Partners, CMT Digital, Susquehanna International Group, XR Trading, C2 Capital Management and ED&F Man Capital Markets Inc.

Led by Chief Executive Officer Thomas Chippas, Chief Commercial Officer Kelly Brown and Head of Clearing Liz James, among other derivatives and digital asset experts, ErisX will operate an intermediary-friendly, CFTC-regulated futures exchange (registered) and clearing organization (registration pending), as well as a spot market for digital assets.

“With increasing financial support from leading edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants,” said Chippas. “Closing this second round of funding enables us to continue building our modern platform and expand our team.”

ErisX added that the company will leverage their investors’ strengths, experiences and knowledge in pioneering a single platform for digital asset spot and regulated futures contracts.

“Many of our customers have been seeking various hedging solutions and would be happy to see US regulatory compliant exchanges like ErisX provide spot and futures’ contracts in one platform,” said Jihan Wu of Bitmain. “We are confident that our customers will find this strategic partnership beneficial.”

According to ErisX’s website, the platform expects to launch spot contracts sometime in Q2 of 2019, with futures contracts following in the second half of the year.

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