Cboe acquired Erisx to enter the cryptocurrency spot and derivatives markets.
Cboe is buying Erisx in order to enter the cryptocurrency spot and derivatives markets. Cboe’s chief operating officer said that with Erisx, the firm may access the digital asset spot, data, derivatives, and clearing ecosystem in an one step. Now is the moment to fully embrace and contribute to the definition of this growing asset class.
CBOE announced on Wednesday that it has agreed to buy Eris Digital Holdings LLC (Erisx).
The Commodity Futures Trading Commission regulates Erisx’s futures exchange and clearing house (CFTC). Its clearing house is also registered with the Financial Crimes Enforcement Network (FinCEN) and licensed in a number of US states and territories.
The statement states that “Erisx operates a U.S.-based digital asset spot market, a regulated futures exchange, and a regulated clearing house.”
Ownership of Erisx provides Cboe with entry to digital asset spot and derivatives markets, including clearing and settlement.
Erisx’s product portfolio comprises a variety of cryptocurrencies, stablecoins, physically delivered bitcoin and ether futures, and cash-settled futures contracts. The deal is scheduled to conclude in the first half of 2022, subject to regulatory clearances.
The company began offering bitcoin futures in 2017, but discontinued the program in March 2019. The firm now intends to operate a digital asset business as Cboe Digital with the assistance of a Digital Advisory Committee, which will be created to advise the company on the Eris spot and derivatives markets’ continued growth. DRW, Fidelity Digital Assets, Galaxy Digital, Interactive Brokers, NYDIG, Paxos, Robinhood, Virtu Financial, and Webull will be among the committee’s members.
Matthew McDermott, Global Head of Digital Assets at Goldman Sachs, expressed his support, saying:
This is an exciting development for institutional adoption of cryptocurrencies, and we look forward to finding ways to work closely with the newly created group, Cboe Digital.