Cryptocurrency exchange ErisX said Tuesday it completed its latest funding round. The list of investors spanned traditional capital and digital asset groups including Bitmain, ConsenSys, Pantera Capital, Nasdaq Ventures, Monex Group, DRW Venture Capital and Fidelity Investments.

An ErisX press release didn’t mention an amount. But Reuters reported ErisX raised $27.5 million.

CEO Tom Chippas said in a statement ErisX would use the money to further develop its platform and expand its workforce. Individual investors and institutions will be able to trade bitcoin (BTC), litecoin (LTC) and ether (ETH) on spot and futures markets. A Bloomberg report earlier this year said ErisX would also support bitcoin cash (BCH), but Tuesday’s press release did not mention this currency.

The exchange is schedule to open for business in early 2019 with the Commodity Futures Trading Commission regulating it.

“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,” said Chippas.

ErisX is the creation of the Chicago derivatives market Eris Exchange LLC, an eight-year-old firm that offers cash-settled swap futures. Swap futures are transactions involving futures contracts that enable traders to hedge risk.

In October, ErisX closed its first investment round, which included the participation of TD Ameritrade and private equity firms Valor Equity Partners and Cboe Global Markets. Pantera Capital also participated in the earlier funding round.

The announcement comes amid a surge of crypto-related activity by institutional investors. In the release, ConsenSys CEO Joseph Lubin called the formation of ErisX “an important step in continuing the convergence of digital and traditional asset classes in global institutional financial services.” 

ThirtyK Staff
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