US-based cryptocurrency trading platform ErisX has secured $27.5m in a series B round that included bitcoin miner Bitmain, blockchain software provider Consensys and stock exchange operator Nasdaq, Coindesk reported yesterday.
DRW Venture Capital, the venture capital arm of trading firm DRW,also took part in the round, as did cryptocurrency holding company Digital Currency Group, online broker TradeStation, conglomerate CVC Group, financial services group Fidelity Investments, Pantera Capital and Valor Equity Partners.
ErisX is developing a platform that will allow individuals and institutions to trade digital assets including Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It reportedly raised $2m in an October 2018 series A round that included retail brokerage firm TD Ameritrade.
ErisX also identified trading firms Virtu Financial, Nex Group, Nico Trading, Third Stone Partners, Susquehanna International Group, CMT Digital, XR Trading, C2 Capital Management, ED&F Man Capital Markets, Cboe Global Markets and CMT Group as previous investors, the latter through CMT Digital.
Joseph Lubin, chief executive of ConsenSys, said in a statement: “The formation of ErisX is an important step in continuing the convergence of digital and traditional asset classes in global institutional financial services.
“We look forward to seeing ErisX drive significant growth in institutional flows in both spot and futures digital asset markets in 2019.”
Bitmain founder Jihan Wu added: “Many of our customers have been seeking various hedging solutions and would be happy to see US regulatory compliant exchanges like ErisX provide spot and futures’ contracts in one platform. We are confident that our customers will find this strategic partnership beneficial.”