- ErisX has raised $27.5 million in Round B of investment
- Nasdaq and Fidelity are some of the backers
- The exchange currently offers spot trading but hopes to add futures trading in the coming months
$27.5 million was raised for ErisX, a new cryptocurrency exchange. The funds were raised by a number of investors including Fidelity Investments and Nasdaq Ventures.
While Nasdaq has confirmed that it did invest in the new exchange, it declined to name the exact figure from their end.
Fidelity, on the other hand, has yet to comment on the news in any capacity.
Currently, ErisX’s plan is to offer the trading of coins such as Bitcoin and Litepin on the spot but hopes to offset futures trading in the coming months.
There had previously been speculation of Bitcoin Cash being part of the coins offered but no official mention has been made of it yet.
Building Blocks
Now that the raising of funds is complete, the next step for ErisX is to put the funds to good use.
There is the intention to use the funds for “build out our infrastructure and secure the appropriate steps are taken to develop a regulated market for digital assets,” said ErisX Chief Executive Officer Thomas Chippas.
This is not the first round of funding for ErisX. In October a round of funding was held which included investments from retail brokerage TD Ameritrade Holding Corp(AMTD.O), private equity firm Valor Equity Partners and Cboe Global Markets Inc(CBOE.Z).
Big Backers
While this new exchange is going up against already-established industry heavyweights, its current backing is very impressive.
Nasdaq is the second largest stock exchange in the world and Fidelity handles trillions of dollars in client assets. Their investing in this company could be indications of a bright future for it.
This also goes to show the growing level of institutional investment in the blockchain industry as a whole, something that has been heavily pursued in the last few years.
Perhaps one of the reasons for the increased institutional investment in the blockchain industry is the growing amount of regulations for the industry, particularly for the trading of digital assets.
On top of this, cryptocurrencies are being more widely recognized by governmental bodies which have given investors more confidence.
