ErisX Gains Permission to Trade Digital Currency on Its PlatformScroll Down
ErisX, a Chicago crypto exchange, plans to offer digital asset futures contracts later this year now that they have a license for crypto futures. The United States Commodity Futures Trading Commission, an independent government agency, issues derivatives clearing organization licenses and provides regulatory oversight. Futures contracts are agreements to buy or sell made on an organized exchange. Buyers can buy digital assets at a fixed price and pay for them later.
Earlier this year, ErisX launched a digital asset spot market. They will be the first company to offer to offer a single infrastructure for digital assets spot and futures trading for individuals and institutions. When announcing their spot market launch, ErisX also announced the close of a third round of financing, adding six new investors and getting additional funding from existing investors.
For the last seven years, ErisX operated a Designated Contract Market. In 2017, the board approved a focus on crypto coins. In the future, ErisX plans to expand their crypto coin products with options trading. The company brings together digital asset players and traditional players, including miners, investors, traders and exchange operators and also intermediaries. ErisX sees a regulated market for crypto assets with increased adoption because of familiar intermediary relationships.
Futures commission merchants can provide their regular clients access to digital assets via ErisX's platform. They can walk their clients through the process and offer investors a diversified portfolio which includes cryptocurrencies to help them reach their goals.
If people don't want to use an intermediary, they can become a direct member. ErisX requires direct members to have a daily minimum balance of $10,000 in cash or digital coins, including BTC, BCH, ETH and LTC. They may add additional digital coins in the future. Individuals can complete the sign-up process with identification and their tax id number.