Cboe Global Markets, operator of the Chicago Board Options Exchange (CBOE), has completed the acquisition of the US-based trading and clearing platform for digital assets and their derivatives, ErisX.
Ownership of ErisX allows Cboe to enter the digital asset spot and derivatives marketplaces through a digital-first platform developed with industry partners to focus on robust regulatory compliance, data and transparency. https://t.co/Uj2S2lECOi pic.twitter.com/CccE8tSzO6
— Cboe (@CBOE) May 2, 2022
According to the press release, the acquisition will enable the company to enter the spot and derivatives markets for digital assets through a platform that meets regulatory requirements, with industry partners.
«Joining ErisX to the Cboe network is another exciting chapter in the story of our growth. We see huge potential in the digital assets market», — said Ed Tilly, CEO of Cboe Global Markets.
ErisX will continue to operate as a subsidiary led by its current CEO Tom Chippas.
The plan is for the platform to add a real-time market data streaming service to its existing operations. The development partner for information products will be the Cboe Digital division.
«We are pooling our efforts with Cboe and our industry partners to leverage collective expertise and shared resources not only to grow ErisX but also to develop global regulatory and compliance standards that will have a lasting impact on the entire digital assets space», — noted Chippas.
The parties announced the deal in October 2021. They did not disclose the financial terms. Cboe described the purchase price as “immaterial”.
The company intends to invest in ErisX to maximise the potential for revenue growth in the medium- and long-term. It is expected that the platform will become profitable within two to three years.
Back in December 2017, CBOE became the first regulated exchange to launch bitcoin futures trading. In June 2019, amid a bear market, the platform delisted the product.
In 2021 the exchange allowed the resumption of trading derivatives of the first cryptocurrency.