ErisX to launch futures market tomorrow, according to notice

ErisX, the Wall Street-backed cryptocurrency exchange operator, said in an alert to potential clients today that its market for cryptocurrency futures will kick-off Tuesday. 

ErisX gatecrashed the cryptocurrency exchange world in October 2018, promising a Wall Street-grade trading experience for futures and spot cryptocurrency trading. Still, ErisX has been quiet for most of the second-half of 2019, declining to comment on several occasions over the past few months. The firm, which has courted investors such as Castle Island and Dragonfly Capital Partners, closed a $20 million Series B in April as it opened up its spot market for trading. Rival Bakkt, meanwhile, has launched several derivatives tied to the bitcoin market, including a physically delivered future and option contract. 

A spokeswoman did not respond to an email requesting specifics about the products being launched tomorrow. 

Unlike most crypto-native exchanges, ErisX hasn't been marketing itself directly to individual traders, but instead has been looking to capture flow from large brokers like TDAmeritrade. Indeed, it was reported in April that TDAmeritrade was working on connecting to ErisX, but that could have been stalled by the firm's announced acquisition by broker giant Charles Schwab.

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Frank Chaparro covers the intersection of financial markets and cryptocurrency as Editor-at-Large. Since joining the publication in 2018 as its first reporter, he has played a key role in building The Block into a leader in financial journalism and research. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected]

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