TD Ameritrade and Virtu Investing in New U.S. Crypto Exchange

If you don’t succeed………wait a few years, bring in some heavy big name partners and re-launch into a new concept (or…in other words…try, try again). ErisX exchange started up as a traditional futures exchange about 8 years ago but never caught on.

Fast forward to NOW, bring in TD Ameritrade, high frequency trading firm Virtu Financial and the CBOE to become a cryptocurrency exchange. Beginning in a few months (early 2019) ErisX will launch as a “conventional” crypto exchange but then morph into not only cryptocurrency derivatives (options, swaps, etc) but also the so-called “physical” crypto as well. A one stop place for speculators, traders AND mining firms (hedgers) to “meet” and complete trading/hedging strategies. Coupled with the products offered by the CME, CBOE and soon the NYSE, the market and credibility only gets bigger and better. This is BIG!
(Bill Taylor/Fintek Capital)

“Retail brokerage giant TD Ameritrade and high-frequency trading firm Virtu Financial have invested in a cryptocurrency exchange that seeks to bridge the gap between Wall Street and the burgeoning cryptoasset ecosystem.

Futures Market Relaunches as Cryptocurrency Exchange

Originally launched as a traditional futures market in 2010, The Wall Street Journal reports that this exchange — ErisX — now intends to not only list cryptocurrency derivatives like bitcoin options and swaps but also the so-called “physical” cryptocurrencies themselves.

Initially, ErisX will list cryptocurrency derivatives, which are regulated financial instruments tied to the prices of the underlying assets. In addition to allowing investors to speculate on the future value of bitcoin and its peers, these products help sophisticated traders as well as cryptocurrency mining firms hedge against future price volatility.

However, the firm plans to launch a spot trading market as early as next year, at which point it will operate as a conventional cryptocurrency exchange and allow traders to directly exchange coins and tokens. Concurrently, ErisX says it will release physically-settled cryptocurrency futures contracts, meaning that — unlike with the bitcoin futures contracts currently available on CME and CBOE — contract owners will receive actual cryptocurrencies when the contracts expire, rather than cash…”

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