Chicago-based crypto exchange ErisX has become the latest digital asset platform to provide its spot market data to TradeBlock, a provider of enterprise data tools for blockchain assets.
TradeBlock provides a platform for cryptocurrency market data, trading capabilities, and price indices. Similar to Reuters and Bloomberg terminals in traditional finance, large institutions can turn to TradeBlock to navigate the world of blockchain-based assets.
The addition of ErisX’s spot volumes will enhance the quality of market information available to users on TradeBlock, which collects information necessary to determine whether or not the counterparty is qualified. Clients also receive assistance for onboarding their counterparties in OTC trades.
“It is critical for market participants to have access to high quality consolidated market data for price discovery and liquidity sourcing. We are thrilled to make our quote and trade data available through TradeBlock’s suite of institutionally-focused tools and analytics,” said Thomas Chippas, CEO of ErisX.
“We’re pleased to work with ErisX to publish their market data in real time. ErisX’s institutional-first infrastructure and rigorous approach to regulation, in both the crypto spot and futures markets, positions them as a key venue for participants in the U.S. and abroad. They are a natural fit for TradeBlock’s suite of institutional-grade tools and data services.” added Nitai Bran, CEO of TradeBlock.
ErisX Secures More Regulatory Approvals
The move is part of a broader industry’s initiative to reveal daily trading volumes, potentially challenging the dominance of benchmarks administered by independent aggregators.
ErisX, which is backed by US brokerage TD Ameritrade, has recently secured the CFTC’s approval to expand its clearinghouse capabilities to clear all futures and swaps. Before that, it was only allowed to clear virtual currency futures contracts, which are listed for trading on Eris Clearing’s affiliate, Eris Exchange.
While its contracts vie with the Bakkt’s futures in trading physically delivered Bitcoin, ErisX was the first digital asset exchange to offer both spot and futures markets on the same platform.
Further, the three-year startup has made its products available via US brokers licensed as futures commission merchants (FCMs). Additionally, ErisX launched its own physically-settled Ether futures contracts, meaning investors receive real cryptocurrency and not the cash equivalent. The move came shortly after the New York State Department of Financial Services (NYDFS) granted its first BitLicense of this year to ErisX.
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