Chicago-based Crypto Exchange is fully ready to launch its spot trading platform, as per the new report released by The Block on April 24.
As per reports, ErisX is testing its spot trading platform for quite some time now. ErisX is been in the test mode with several financial companies which will finally become its users. One of those firms includes the United States retail brokerage firm TD Ameritrade stated that it has invested in ErisX in October last year.
Also, it is expected that TD Ameritrade will execute crypto trading for its customers instantly within the conventional TD Ameritrade investment platform interface. The exchange is excited to launch spot crypto and crypto trading derivative in the next few months after getting regulatory approval.
The launch of the ErisX will be crucial for the whole crypto community. ErisX wants to provide services to institutional services who are finding a safe way to enter into the crypto markets. By teaming up with leading financial institutions along with TD Ameritrade, ErisX will make a way for huge amounts of institutional capital to enter into space.
As per the report, investing firm DRW Holdings and high-frequency trade Virtu Financial has invested in ErisX. Also, both the firms agreed to be the market makers for ErisX.
Apart from providing services to the institutional investors, ErisX would make simple for ordinary investors to enter into the crypto market. TD Ameritrade will add crypto trading instantly into its account screen, that simply means any TD Ameritrade investor can purchase crypto just like buying another stock or asset.
TD Ameritrade is planning to provide Crypto Trading to its 11 million retail clients. The Block states that TD Ameritrade links to ErisX, hence it will be one of the leading brokers to provide cryptocurrency trading after Robinhood.
ErisX has not revealed various details about its crypto platform. But in a tweet on April 23, US-based Crypto Exchange confirmed that:
“A limited number of participants are testing our production platform to ensure a robust offering upon our public launch.”
ErisX stated that they will reveal more details about the platform in the near future and said that all the users who are keen in learning more can “sign up for additional information” at the official ErisX website.