Crypto startup ErisX granted DCO license from the CFTC
Yesterday, the Chicago-based company announced the news by tweeting:
“Our DCO license is the next step in ErisX’s evolution & mission to improve the digital asset space. We worked collaboratively with the CFTC to establish a clearinghouse guided by proven regulatory frameworks that protect participants and the market's integrity”
ErisX has operated in the futures market for seven years now, building up a team with huge expertise in digital assets. The company was founded in 2010 by Eris Exchange and was later approved as a Designated Contract Market (DCM). It is worth highlighting that ErisX's products have been previously backed by the CME, CBOE, ConsenSys, Digital Currency Group, DRW, Nasdaq and Fidelity.
It is now in direct competition with Bakkt, the New York Stock Exchange's new venture and Ledger X. The latter is also a strong competitor as it was granted with the DCM permit weeks before ErisX and will also be entering the game with BTC futures in late 2019. Crypto enthusiasts are closely following this “Battle of Titans” and it will be interesting to see which company is able to bring more to the table.
According to CFTC parameters, the Derivatives Clearing Organization (DCO) is defined as:
“An entity that enables each party to an agreement, contract, or transaction to substitute, through novation or otherwise, the credit of the DCO for the credit of the parties; arranges or provides, on a multilateral basis, for the settlement or netting of obligations; or otherwise provides clearing services or arrangements that mutualize or transfer credit risk among participants”.
The permit has been celebrated by the crypto community as the company is now allowed to launch crypto futures products in the US. According to the 2019 roadmap, the TD Ameritrade-backed startup is planning to launch futures contracts later this year.
Image licensed via Shutterstock
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