TD Ameritrade backs ErisX to set foot in cryptocurrency futures market
TD Ameritrade Holding Corporation, an Omaha based brokerage firm, announced today that they have invested in ErisX. Together they plan to launch a regulated derivatives exchange and clearing organization that will include cryptocurrency futures and spot contracts on one platform. The company will start trading in Bitcoin, Ethereum Bitcoin Cash and Litecoin and plans to launch futures contracts by the second half of 2019.
TD Ameritrade, one of the early explorers of the cryptocurrency industry. The company one among the early adopters of the cryptocurrencies started trading Bitcoin futures late last year. The company stands at a market cap of $29.88B.
Ameritrade also seems to be a part of the community calling for the mass adoption of cryptocurrencies. The new crypto exchange aims at securing wider access of cryptocurrencies to their retail clients. “Our retail clients are seeking to access and trade digital currency products in the same way they do with traditional capital markets – through a legitimate, regulated and transparent exchange,” said Steve Quirk, executive vice president of Trading & Education at TD Ameritrade, according to a press release.
“As a strategic investor in the initiative, we look forward to working with the team at ErisX as they develop and launch digital currency products designed to fulfill the needs of retail investors. ErisX’s plan is to offer traders access to cryptocurrency spot contracts as well as futures contracts on a single exchange,” said JB Mackenzie, managing director Futures & Forex at TD Ameritrade.
“[…..], our market participants will benefit from modern trading tools on a fair and transparent platform. ErisX [……] will provide the opportunity for new participants to enter the digital asset market and existing participants a superior venue for their execution and clearing needs,” said Thomas Chippas, CEO of ErisX.
ErisX is focussed on bringing more institutional adoption and also more ‘market participants’ in the crypto asset market. They also seek to fill the gap between retail investors and the digital currency market.
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