US-based crypto exchange ErisX is preparing to launch its trading platform, according to a new report.
The Chicago-based, hotly-anticipated crypto exchange will launch spot trading in the near future, according to an exclusive report from The Block on April 24.
The Block’s report states that ErisX has been testing its spot trading platform for some time. ErisX has been in ‘test mode’ with some financial firms that could potentially become users. In the past, TD Ameritrade has been linked to the ErisX project, with suggestions that TD Ameritrade could implement crypto trading for its customers directly within the conventional TD Ameritrade investment platform interface.
The report states that ErisX will launch crypto and crypto derivative trading later this year after obtaining regulatory approval.
The launch of ErisX will be a big deal for the crypto community. ErisX aims to cater to institutional investors looking for a secure way to participate in crypto markets. By partnering with mainstream financial institutions – including giants like TD Ameritrade – ErisX could pave the way for huge amounts of institutional capital to flow into space.
In addition to catering to institutional investors, ErisX could make it easier for ordinary investors to get involved. TD Ameritrade could add crypto trading directly to its account screen, which means any TD Ameritrade investor could buy crypto as easily as buying any other stock or asset.
TD Ameritrade is reportedly preparing to offer crypto trading to its 11 million retail clients. If TD Ameritrade links to ErisX, then it would be one of the first major brokers to offer cryptocurrency trading after Robinhood.
TD Ameritrade isn’t the only financial giant reportedly involved with ErisX. DRW Holdings and high-frequency trading platform Virtu Financial have also reportedly invested in the exchange, with both institutions reportedly agreeing to be market makers for ErisX.
ErisX Confirms That A Small Number Of Participants Are Currently Testing The Platform
ErisX hasn’t divulged many details about its upcoming crypto platform. However, in a tweet from April 23, the Chicago-based exchange platform confirmed that it was testing the service with “a limited number of participants”:
“A limited number of participants are testing our production platform to ensure a robust offering upon our public launch.”
ErisX also confirmed that they “will have more to say, soon” and those who are interested in learning more can “sign up for additional information” at the official ErisX website.
In another interesting twist, one crypto trader claims he was able to see the BTC/USD pair on his TD Ameritrade account. As reported earlier this week, crypto Twitter personality and quantitative analyst Cryptopolis was reportedly able to buy one BTC through his TD Ameritrade account on Nasdaq, although that trade never actually went through. Because of this, Cryptopolis suggests that Nasdaq is quietly testing a new bitcoin-based asset.
ErisX could be one of the biggest stories of the year for the crypto world. It’s a mainstream financial institution seeking to bring some of the industry’s biggest giants on board the crypto revolution. Stay tuned for more information as ErisX prepares to roll out its crypto spot trading platform by the end of the year.
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