Home News Legal Cryptocurrency Exchange Raises $27.5 million in Funding from Nasdaq, Bitmain Among Others

Cryptocurrency Exchange Raises $27.5 million in Funding from Nasdaq, Bitmain Among Others

December 05, 2018 12:08
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Source: Business Wires
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Cryptocurrency exchange startup ErisX stated that it had raised around $27.5 million in a Series B round funding. The participants included investors such as Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures and Monex Group. Other participants from previous funding also took part namely, CTC Group Investments, Digital Currency Group, DRW Venture Capital, Pantera Capital and Valor Equity Partners, a news portal, Silicon Angle reported on Monday.

According to a press release by Business Wire, the company will operate an intermediary-friendly, CFTC-regulated futures exchange (registered) and clearing organization (registration pending), as well as a spot market for digital assets.

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Speaking on the matter, Chief Executive Officer Thomas Chippas said, “With increasing financial support from leading edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants. Closing this second round of funding enables us to continue building our modern platform and expand our team.”

Jihan Wu, the Chief Executive Officer of Bitmain said, “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.”

Interestingly, the press release states that the CFTC does not have regulatory oversight authority over underlying or spot virtual currency products or transactions or virtual currency exchanges, custodians, or markets. However, that does not seem to be quite believable. The reason is: 1) CFTC, so far, has not released any statement stating that it has regulated this particular exchange. 2) If it has, then it is unlikely that the regulatory body will “not have regulatory oversight authority.”

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