Cboe enters the digital asset space with the acquisition of ErisX

Cboe Global Markets, Inc. revealed it has signed an agreement to acquire Eris Digital Holdings, LLC (ErisX), a US-based digital asset spot market. Eris is a regulated futures exchange and a regulated clearing house. The acquisition will allow Cboe to enter the digital asset spot and derivatives marketplaces through a digital-first platform.

Founded in 2018, ErisX was designed to focus on regulatory compliance, data and transparency. Its spot and futures exchanges usees real-time market surveillance. Its real-time clearing system is built to address settlement risk while collateral management allows seamless movement of collateral between spot and futures accounts.

The newly acquired digital asset business will be operated as Cboe Digital. The global market infrastructure provider has obtained range of market participants, such as well-established retail brokers, crypto-leading firms and sell-side banks. They are expected to form a Digital Advisory Committee which will advise Cboe on the ongoing development of the Eris spot and derivatives markets. The members of the Digital Advisory Committee include DRW, Fidelity Digital Assets, Galaxy Digital, Interactive Brokers, NYDIG, Paxos, Robinhood, Virtu Financial and Webull. Some of those members will acquire minority ownership interests in Cboe Digital and serve as partners in the growth of the business.

Cboe Global Markets

Ed Tilly, Chairman, President and CEO of Cboe Global Markets, said:

Edward T. Tilly

Edward T. Tilly

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.

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