STAMFORD, Conn.–(BUSINESS WIRE)–TradeBlock, the world’s leading provider of digital currency over-the-counter (OTC) trading tools, has strengthened its existing relationship with ErisX, a Cboe Global Markets Company, by providing institutional investors access to U.S. based crypto spot, to offer cash settled OTC trades using the ErisX settlement service. Accessed via the TradeBlock platform, the ErisX clearing functionality helps mitigate settlement risk that is prevalent in OTC transactions. This alliance with ErisX represents TradeBlock’s commitment to streamline institutional workflows in the crypto market.
“We strongly believe that institutional investors coming into the crypto-asset market will seek out solutions that allow them to operate efficiently, reduce risk, and that help ensure their regulatory compliance in other markets,” said TradeBlock CEO Breanne Madigan. “This collaboration brings a tool common in futures and equities markets to crypto markets and is expected to improve institutional participation in the asset class. We believe that TradeBlock and ErisX enabling clearing of over-the-counter trades will make OTC crypto transactions more efficient, with lower risk, bringing the same level of automation as other mature markets.”
Historically, according to research conducted at TradeBlock, the settlement period for an OTC crypto transaction could often take more than two days. The lengthy process may result in unpredictable slippage, delivery, and counterparty risk following a trade. This creates hurdles that discourage investors who are used to the Straight-Through Processing of equities and futures markets. By joining forces with ErisX, TradeBlock will provide tools to better manage these risks and improve trading workflows by bringing more certainty to the settlement process.
“As crypto markets continue to mature, it’s reasonable for investors to expect the same convenience and functionality available in virtually all asset classes, including crypto,” said ErisX President, John Palmer. “Our regulated clearing solution combined with TradeBlock’s institutional-grade platform is a solid combination to facilitate this transition and help drive adoption of digital currencies as an investment.”
ErisX and TradeBlock previously collaborated to offer ErisX spot market data on the TradeBlock markets page, available here.
TradeBlock offers the premiere platform for institutional digital currency traders, complete with a powerful suite of market and blockchain data, as well as execution and post-trade tools for liquidity providers, asset managers, corporate clients, and exchanges, among others. For more information on TradeBlock, please visit us at https://tradeblock.com or email us at firstname.lastname@example.org.
ErisX offers individuals and institutions a single, innovative platform to access crypto spot and futures markets. By combining professional tools, advanced technology, sophisticated regulatory oversight, and a diverse product set, ErisX offers capital markets friendly workflows to digital market participants. Backed by some of the world’s largest trading firms and financial institutions, ErisX brings transparency and reliability to the digital asset class. ErisX, Eris Exchange, and the ErisX and Eris Exchange logos are trademarks of the Eris Exchange group of companies or its affiliates.
ErisX Futures are offered through Eris Exchange, LLC, a Commodity Futures Trading Commission (CFTC) registered Designated Contract Market (DCM) and Eris Clearing, LLC, a registered Derivatives Clearing Organization (DCO). The CFTC does not have regulatory oversight authority over virtual currency products including spot market trading of virtual currencies. ErisX Spot Market is not licensed, approved or registered with the CFTC and transactions on the ErisX Spot Market are not subject to CFTC rules, regulations or regulatory oversight. ErisX Spot Market may be subject to certain state licensing requirements and operates in NY pursuant to Eris Clearing’s license to engage in virtual currency business activity by the New York State Department of Financial Services.