One of the five biggest brokerage companies in the US, TD Ameritrade along with others from the Wall Street are backing a new cryptocurrency exchange ErisX to provide their customers with more futures options like Ethereum.
TD Ameritrade Backs new Crypto Exchange ErisX
One of the five largest stock brokerage companies in the United States, TD Ameritrade is joining the crypto mania. The company has reportedly invested in a new cryptocurrency exchange called ErisX in order to offer its millions of customer more crypto options.
According to the data on Wikipedia, “As of September 30, 2017, Ameritrade had 11,004,000 funded customer accounts and client assets of $1.118 trillion. In the fiscal year 2017, the company executed an average of 510,710 client transactions per day.”
Reuters reported that though clients of the brokerage company can trade Bitcoin futures on CBOE Futures Exchange, through ErisX, clients will be able to trade other crypto futures as well such as Ethereum and Litecoin.
Wall Street Pumped up about Crypto
J.B. Mackenzie, the managing director of futures and foreign exchange at TD Ameritrade shares,
“It could open up additional cryptocurrency products on the future and spot side that our clients could potentially trade.”
According to Thomas Chippas, the Chief Executive Officer of ErisX, spot trading feature will be launched on the platform in the first half of 2019. Whereas, the physically settled futures will launch later in 2019 that will be subject to the regulatory approval.
The point worth noting is TD Ameritrade is not the only one backing this crypto exchange, a number of others from the Wall Street are joining in as well. Cboe Global Markets Inc., Virtu Financial Inc., and Digital Currency are also contributing to the funding round.
Looks like ICE’s Bakkt has already got a competitor. Moreover, just recently another one of the five largest US brokerages, Fidelity Investments announced its crypto plans and now TD Ameritrade. Mainstream giants are entering into the crypto market in full force. Now, it is to be seen how soon and in what way this will impact the crypto market.
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Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.