Cboe Global Markets finalises acquisition of ErisX

Cboe Global Markets, Inc., a provider of global market infrastructure and tradable products, has revealed it has completed the acquisition of Eris Digital Holdings, LLC (ErisX), an operator of a US-based digital asset spot market, a regulated futures exchange and a regulated clearinghouse.

Through the acquisition of ErisX, Cboe enters the digital asset spot and derivatives marketplaces.

Ed Tilly, Chairman, President and Chief Executive Officer of Cboe Global Markets, said:

Edward T. Tilly

Edward T. Tilly

We see enormous potential in the digital asset market and are excited to apply our blueprint of success to this burgeoning asset class. Tom Chippas and the entire ErisX team have made significant progress bringing the regulatory framework and transparency of traditional markets to the digital asset space, and I look forward to working together, with our industry partners, to grow the digital asset market on a global scale.

Cboe Global Markets

Cboe announced that it plans to operate the company as a subsidiary. ErisX’s Chief Executive Officer Thomas Chippas will remain as head of the digital asset business. As part of Cboe, Chippas will report directly to Chris Isaacson, Executive Vice President and Chief Operating Officer of Cboe.

Thomas Chippas, Chief Executive Officer of ErisX, commented:

I couldn’t be more excited for the future as we join forces with Cboe and our industry partners to leverage their collective market expertise and global resources to not only grow ErisX, but also to develop global regulatory and compliance standards that have a lasting impact on the entire digital asset space.

In addition, Cboe’s existing spot, derivative and clearing platforms, the company also plans to develop and distribute a range of digital asset data products. Cboe Digital plans to develop a benchmark data stream to help market participants evaluate the appropriateness of crypto execution prices.

The terms of the transaction have not yet been disclosed. Cboe revealed it expects that its new subsidiary will reach EBITDA profitability within two to three years, benefiting from a diversified stream of revenue drivers

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