Cboe acquires crypto spot firm ErisX

ErisX will operate as Cboe Digital

Cboe Global Markets company logo seen displayed on smart phone                                 
Cboe Global Markets has acquired ErisX to enter the digital asset spot and derivatives marketplace – Photo: Shutterstock

Cboe Global Markets, the largest US options exchange, has acquired ErisX, which operates a US-based digital asset spot market and futures exchange.

According to Cboe Global Markets, the acquisition provides “a unique opportunity” to enter the digital asset spot and derivatives marketplace.

A spot market is a market where you can trade assets with other traders in real-time. Transactions are settled immediately or “on the spot” as soon as the buying or selling order is filled.

Founded in 2018, ErisX was designed and built with “regulatory compliance and operational integrity at the fore”. Under the terms of the acquisition, ErisX will operate as Cboe Digital.

ErisX ‘built to grow digital asset market’

ErisX was built to grow the digital asset market on a global scale. Cboe says that with the purchase of ErisX it is now “uniquely positioned” to offer a regulated marketplace to help institutions embrace digital asset classes.

Cboe has also secured the support of a range of retail brokers, crypto-leading firms and sell-side banks who are expected to form a Digital Advisory Committee which will advise Cboe on the ongoing development of the Eris spot and derivatives markets.   

The Digital Advisory Committee is made up of DRW, Fidelity Digital Assets, Galaxy Digital, Interactive Brokers, New York Digital Investment Group, Paxos, Robinhood, Virtu Financial and Webull.

Cboe plans to use its data expertise and global network to provide a transparent view of digital asset markets. ErisX is regulated by the Commodity Futures Trading Commission (CFTC).

‘We can push the boundaries of digital asset innovation’

Ed Tilly, chairman, president and CEO of Cboe Global Markets, said: “We believe our acquisition of ErisX, coupled with broad industry participation and support, will help us bring the regulatory framework, transparency, infrastructure and data solutions of traditional markets to the digital asset space.

“ErisX has shown an unwavering commitment to improving spot and derivatives crypto trading, and I am confident that together we can not only meet the growing demand for institutional and retail trading solutions but also push the boundaries of digital asset innovation and unlock its next phase of growth.”

Thomas Chippas, CEO of ErisX, said: “Derivatives are an essential component of a scaled digital marketplace, and Cboe, as one of the world‘s largest derivatives exchange operators, has the global customer network, international operations and innovative vision to not only grow ErisX, but the entire digital asset space.

“With Cboe's support and network of industry partners, ErisX will enable new and established firms to compliantly and confidently offer cryptocurrency spot and derivative products to their clients, making our transparent and trusted digital asset market the destination of choice for any market participant offering crypto spot or derivative trading services now and in the future.”

Further reading: Bitcoin futures’ ETF debut on NYSE hits $1bn volume

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