On Tuesday, December 4th, Reuters reported that crypto exchange ErisX closed its Series B funding round raising $27.5 million USD. The latest funding round saw participation from giants like Nasdaq Ventures and Fidelity Investments.
The newly launched crypto trading platform, ErisX, will support Bitcoin (BTC), Ethereum (ETH), and also Litecoin (LTC). In addition to providing trading for these cryptocurrencies on spot contracts, it will also list the crypto futures contracts starting next year. However, the ErisX’s management team says that it will proceed ahead with the plans subjected to regulatory approval.
Developing Better Infrastructure and Services
Nasdaq representatives have confirmed that the exchange operator did participate in the latest funding round. However, they didn’t disclose the amount they have provided.
ErisX CEO, Thomas Chippas, told Reuters that the company will devote the funding resources towards further development and expansion. In addition, the company will use these funds to “build out infrastructure and [ensure that] the appropriate steps are taken to develop a regulated market for digital assets,” said Chippas.
He further added,
“With increasing financial support from leading-edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants. Closing this second round of funding enables us to continue building our modern platform and expand our team.”
Other notable participants of the funding round included ConsenSys, the popular Ethereum development studio. Bitcoin mining giant Bitmain also was part of the funding round.
Bitmain chairman Jihan Wu said,
“Many of our customers have been seeking various hedging solutions and would be happy to see US regulatory compliant exchanges like ErisX provide spot and futures’ contracts in one platform. We are confident that our customers will find this strategic partnership beneficial.”
The first funding round of ErisX took place in October 2018. The funding round was led by CBOE Global Markets Inc. and brokerage retail giant TD Ameritrade Holding Corporation.
Bear Markets Have Little Effect On Investments in Crypto Companies
Despite the market crash of 2018, big companies continue to make significant investments in crypto companies. Ari Paul, the Co-Founder of crypto fund BlockTower Capital, gave a recent interview to TheBlock. Paul gave insights into different strategies that business are adopting to sail through these tough times.
Budgeting is a new thing in this market. We are allocating capital prudently and are thinking about return-on-investments (ROI). For instance, if we are going to do a trip to Asia, then we are going to make sure that trip will be four times as valuable as a trip to California.
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