ErisX, which has ventured into the digital asset space with a broad offering of both spot and futures contracts on one platform, told that its ‘’Future Digital Currency Products’’ would begin trading Tuesday, starting 8:00 pm and the marketplace’s daily trading hours ends in 4:00 pm. Reportedly with the new products they would be trading sidewise the company’s existing crypto spot exchange.
After Bakkt, ErisX, which provides trading, deposits and withdrawls on a stable, proven capital markets technology infrastructure, is walking along the same way launching physically settled bitcoin futures in the U.S. ErisX bitcoin future is going to see a contract size of 0.1 bitcoin and customers will be able to trade monthly or quarterly contracts where traders will have a position limit of 200,000 contracts and a minimum price increment of $1 per bitcoin. But investors are not going to be able to participate through brokerages until a clear announcement comes but hopefully the announcement will come next year.
But the company is well known of the challenges waiting ahead and they obey that introducing an intermediary market is a multi-step process.
Competition for ErisX
In order to establish intermediary-friendly model for digital assets, several steps have been taken by ErisX, which is now offering spot trading services in 44 different U.S. states. Wedbush Securities, which is a privately held financial services and investment firm, is a futures commission merchant reportedly that will participate in the marketplace. ErisX is intent to expand it spot trading service facility to another 5 states. Adoption of aggressive goals has been done organization in raising firm and developing team with developing its matching engine and futures clearing system. They are affluent because they have Derivatives Clearing Organization license and they want to end the year with launching their future market. Eris exchange, which basically unveiled ErisX in October 2018, announced new crypto unit which had received backing from major retail brokerage.
To offer future products in the U.S. through 2018 and 2019, the company has gotten their regulatory licenses. Though in marketplace no similar product is being offered except by Bakkt, the company is low for ErisX. But hopefully if LedgerX gets their license, they will also walk along the same way and offer bitcoin future products. So the launching by the ErisX is going to be a magnificent development for the digital asset industry.