After the completion of Series B funding, leading American cryptocurrency exchange ErisX has launched a spot market and has invited market players to partake in trading on the newly launched platform.
The launch of the spot market marks the fruition of the first half of ErisX’s plan of a unified platform that will serve both as a spot for digital assets and regulated exchange for futures trading. The regulated exchange that would also include a clearinghouse will complete ErisX’s plan and is expected to be opened for the public by the end of this year. Currently, ErisX is waiting for a nod from the Commodity Futures Trading Commission (CFTC).
The Approach Behind the Launch
Explaining the methodical approach behind the launch, ErisX CEO, Thomas Chippas, noted that a platform of this magnitude needs continuous improvement and upgradations and that the company plans to keep on expanding its operations over time.
Following the launch of the spot market, several dollar-cryptocurrency pairs went live on the platform for trading. Some of the cryptocurrencies included are litecoin, bitcoin, bitcoin cash, and ether.
Success of ErisX’s Series B Funding
The company has also revealed the success of the third stage of its Series B funding that witnessed an impressive response. While existing investors, like CMT Digital, Pantera Capital and Consensys extended their support for the company, many new investors, like Flow Traders, Castle Island Ventures, New York Digital Investment Group, TradeStation Group, and Dragonfly Capital Partners eagerly joined in.
ErisX’s continued efforts towards mass adoption of cryptocurrencies has not gone unnoticed by the investors, commenting on which TradeStation’s President remarked:
“Our investment in ErisX supports further advances in the crypto market structure and will help bring more established players into the space…[and] benefits the crypto ecosystem.”
With more and more institutional investors displaying an interest in the crypto domain, the technology is rapidly making its way to the top.