Cboe to re-enter crypto business with acquisition of ErisX
In a bid to grab a share in the soaring crypto space, Cboe Global Markets has once again decided to return to the crypto derivatives market after acquiring Eris Digital Holdings LLC.
In an announcement made Wednesday, Cboe, a major US exchange for stock options and futures, revealed that it has acquired digital asset spot market operator ErisX, with final proceedings underway.
The recent acquisition suggested that Cboe, which suspended its crypto-related activities in 2019, will again set foot in the digital asset spot and derivatives marketplaces.
The acquisition would be completed in the first half of 2022 after regulatory approval. Details such as the price of the acquisition have not been revealed.
In 2017, Cboe became the first company to receive regulatory approval for launching bitcoin futures trading. However, it soon suspended its crypto business and was replaced by CME.
ErisX was a licensed company in the state of New York. It was previously funded by the likes of Monex Group, Fidelity Investments, The Ventures, and others.
Under Cboe, ErisX would operate as Cboe Digital and hand over its rest of the subsidiaries including Eris Clearing, Eris Spot Market, and Eris Exchange.
It also announced plans to establish an organization called the ‘Digital Advisory Committee’ to advise Cboe on the continued development of the Eris spot and derivatives markets. Companies such as Fidelity Digital Assets, Galaxy Digital, NYDIG, Paxos, and Robinhood will join the committee as well.
Chris Isaacson, Chief Operating Officer of Cboe, said in the announcement:
“With ErisX, in a single step, Cboe is able to enter the digital asset spot, data, derivatives, and clearing ecosystem.
Now is the right time to fully embrace and help define this emerging asset class, and Thomas along with the ErisX management team of finance and technology veterans, are the right team to help us bring the benefits, structure and transparency of our trusted markets to the digital asset space.”
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