HomeTodays NewsTD Ameritrade invests in crypto-trading platform Eris-X, to offer spot exchanges and future contracts
TD Ameritrade invests in crypto-trading platform Eris-X, to offer spot exchanges and future contracts
May 21, 2019
TD Ameritrade, one of the biggest companies in the United States offering an electronic trading platform for trading financial assets, recently announced that it was going to launch cryptocurrency trading on its parent platform.
Now, according to an official announcement, the organization revealed that they had made an investment in ErisX, a company which is planning to offer both cryptocurrency spot contracts and future contracts in a single exchange.
The website stated,
“TD Ameritrade will be working with the team at ErisX as they develop and launch their cryptocurrency trading products. This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”
TD Ameritrade had announced the addition of cryptocurrencies to its portfolio last month after Charlie Lee, the CEO of Litecoin, tweeted about tests conducted on its platform.
Bitcoin Futures contract trading was initiated on the official platform earlier, but was only open to high-volume traders. On TD Ameritrade’s platform, the minimum deposit required for trading BTC future contracts was $25,000, at press time. The potential traders also needed two advisory notes from CFTC and NFA to keep in check the risk associated with virtual assets.
Eris-X, a CFTC-regulated derivatives exchange, will now be open to retail crypto-traders and according to the official statement, the firm has plans to offer both spot exchanges and futures contracts based on the digital currencies.
The official statement mentioned,
“This strategic investment is yet another way to demonstrate our ongoing commitment to innovation—and bring our clients a best-in-class investing and trading experience.”