ErisX, a Chicago-based cryptocurrency exchange, is paving the way to launch its spot trading service. However, the exchange is recently been in a test mode with some prospective financial firms that would potentially become users, including TD Ameritrade, a US-based retail brokerage that invested in ErisX back in October 2018. As the reports further noted, investing firm DRW Holdings and high-frequency trader Virtu Financial also invested in the exchange.
TD Ameritrade could soon offer crypto trading to 11 million retail clients, according to the source familiar with the matter. If TD Ameritrade links to ErisX, it would be among the first major brokers to offer cryptocurrency trading, following Robinhood, the report noted. However, ErisX declared in a statement that a limited number of participants are currently testing the platform. Though, this wouldn’t be its first incursion for TD Ameritrade into the digital asset world. The company was one of the first brokers to provide Bitcoin futures to its retail clients in addition to a strategic investor in ErisX, which also raised funds from high pace traders like DRW, Virtu Financial, and Susquehanna International Group last year.
ErisX is preparing to offer spot Cryptocurrency and Cryptocurrency derivatives trading service later this year pending regulatory approvals. Earlier this month, ErisX has assigned three veterans from Barclays, Youtube and the Chicago Board Options Exchange to fill executive roles at the company.