Ethereum cofounder Joe Lubin joins board of crypto exchange ErisX

A Chicago-based crypto exchange backed by Wall Street's fastest traders has brought on one of the most powerful men in crypto as a board member. 

Joe Lubin, who leads ConsenSys, the firm aimed at building out projects to support the Ethereum ecosystem, has been named to ErisX's board of directors, the firm announced. Cris Conde, a financial technology investor, has also joined the firm as an adviser. 

“We are pleased to welcome Joseph and Chris to the ErisX Board,“ said CEO Tom Chippas, a former head of quantitative execution at Citigroup. “As two leaders in the digital asset space, ErisX will benefit from the unique perspectives they offer and the enthusiasm they bring to the space.

"We also want to thank Cliff for the significant guidance and support he has provided, including helping shape the digital asset spot and regulated futures market," said Chippas, referring to Cliff Lewis, who is leaving the firm's board. 

ErisX gatecrashed the cryptocurrency market in October with its announcement that it would launch in 2019 a marketplace for derivatives tied to crypto. The firm, which is backed by Wall Street trading firms including Virtu Financial, Susquehanna International Group, XR Trading and DRW, raised $27.5 million from its investors. The firm said in October it would have its spot market for crypto trading up and running in Q2 of 2019.

"I look forward to bringing my experience with decentralized technologies and digital assets to a model that will further democratize access to digital assets," said Lubin. "2019 is likely to be a breakthrough year for digital assets, and the exceptional ErisX team is poised to lead."

ErisX said in October it would support futures trading of ethereum, bitcoin, bitcoin cash, and litecoin in the first half of 2019. It also plans to expand into options trading for crypto, according to its website.

Still, it is unclear if ErisX will begin trading derivatives for ethereum this year. As The Block previously reported, questions hang over ethereum that could keep regulators from giving firms — including ErisX and Cboe Global Markets — the green light to launch futures and options tied to the cryptocurrency. 

Rival Bakkt, which was supposed to launch in 2018, has pushed back the start date for its bitcoin futures product into 2019.