Retail brokerage TD Ameritrade Holding Corp has announced that it has invested in ErisX, a new crypto exchange. The U.S. brokerage firm made this investment in a bid to offer its clients digital asset investment options other than Bitcoin. Crypto exchange ErisX offers both Bitcoin spot and futures trading.
JB Mackenzie, managing director of futures and foreign exchange for TD Ameritrade said in an interview that their retail clients have been seeking access to trade in digital currency products since quite some time. Thus they wanted to look for a platform that would be fully regulated and had that capital markets feel to it.
Mackenzie further added that while Bitcoin may not have the same kind of demand that it had in December, there is still demand for it in the market nonetheless. So TD Ameritrade decided to pay heed to the demand of its customers that they wanted access to trade in digital currency products.
Mackenzie said that the pre-requisite for investing is that the ErisX crypto exchange is regulated by the Commodity Futures Trading Commission. However, a TD Ameritrade spokesperson stated that certain aspects of the ErisX offering are still awaiting regulatory approval.
Mackenzie added that another key feature for the deal was that ErisX offers access to both physical Bitcoin products and futures. The Coinbase exchange which is valued at $8 billion offers only spot trading of Bitcoin. ErisX, on the other hand, supports deposits, trading and withdrawals for Bitcoin Cash, Ethereum, Bitcoin and Litecoin.
TD Ameritrade was the first financial services firm to offer approved clients access Bitcoin futures contracts last year. The firm has more than $1.2 trillion in assets and 11 million retail accounts, as stated in the CNBC report.
With a liquid, regulated and accessible offering, the ErisX crypto exchange enhances the digital space for both individual and institutional traders. In December 2017, the CBOE Global Markets and the CME Group launched their own Bitcoin futures markets. Likewise, Intercontinental Exchange announced in August to offer a platform for physically delivered futures for Bitcoin, as stated in the Bitcoin Exchange Guide report.
The post TD Ameritrade Invests In ErisX Crypto Exchange appeared first on OWLT Market.
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