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Cboe Global Markets, a provider of global market infrastructure and tradable products, has entered into a definitive agreement to acquire Eris Digital Holdings.
Ownership of ErisX, expected to close in the first half of 2022, allows Cboe to enter the digital asset and derivatives spot markets through a digital-first platform that has been developed to focus on strong regulatory compliance, data and transparency.
ErisX operates a US-based digital asset spot market, regulated futures exchange, and regulated clearinghouse. Its real-time clearing system is designed to minimize settlement risk, while its collateral management functions allow transparent movement of collateral between spot and term accounts.
Cboe plans to operate the digital asset business under the name Cboe Digital and has gained support from several market players including retail brokers, crypto firms and seller-side banks. All are expected to form a digital advisory committee to advise Cboe on the ongoing development of Eris’ spot and derivatives markets.
Commenting on the acquisition, Ed Tilly, President, Chairman and CEO of Cboe Global Markets said, “We believe our acquisition of ErisX, coupled with broad ownership and industry support, will help us bring the regulatory framework , transparency, infrastructure and data solutions from traditional markets to the digital asset space.
“ErisX is committed to improving crypto cash and derivatives trading, and I am confident that together we can not only meet the growing demand for institutional and retail trading solutions, but also push the boundaries of the market. innovation of digital assets and unlock its next phase of growth. “
Thomas Chippas, CEO of ErisX, adds: “Derivatives are an essential part of a large-scale digital marketplace, and Cboe, as a derivatives exchange operator, has the global network of clients, international operations and an innovative vision to not only develop ErisX, but the entire digital asset space.
“With the support of Cboe and the network of industry partners, ErisX will enable new and established businesses to offer cash and cryptocurrency derivatives to their customers. ”
