The main institutions of Wall Street are finally launching an Ethereum derivatives market


Chicago Board Options Exchange (Cboe), $ 29 billion TD Ameritrade brokerage firm, and many other large investment companies are supporting the launch of ErisX, a futures market that will integrate Ethereum, Bitcoin Cash and Litecoin along with Bitcoin.

Frank Chaparro of The Block reported exclusively that the former head of quantitative execution of Citigroup, Thomas Chippas, has left the US banking giant to develop ErisX.

For many months, from the debut of the CBOE and CME Group Bitcoin futures market, investors in the cryptocurrency market have called for the launch of a trading platform on Ethereum futures.

It is expected that ErisX will be the first regulated market based in the United States for Ethereum, Bitcoin Cash and Litecoin.

The interest in Crypto has not slowed down in the bear market

JB Mackenzie, CEO of TD Ameritrade on Forex and Futures, told Chaparro in an interview that the economy of cryptocurrency has seen rapid growth and growth in the last nine months, despite the bear market and the downward trend of the main digital resources.

Given the increased interest in cryptography during a phase in which cryptocurrencies are struggling to record large upward movements, Mackenzie said the company is confident that it will see strong customer demand.

"We anticipate that we will have customers interested in participating in. The digital asset economy has developed so much in the last nine months and investors are crying for a regulated and transparent platform," Mackenzie said.

Chippas, ErisX's CEO, echoed Mackenzie's sentiment and pointed out that there is sufficient demand in the cryptographic market for clearing houses and regulated exchanges to compete. He said:

"In our opinion there is no lack of interest in building markets for people wishing to trade digital goods and there is plenty of room for people entering with a regulated exchange and a clearing house".

Crypto Market Infrastructure is improving at a rapid pace

In the last nine months, the cryptocurrency sector has seen the emergence of Bakkt, Coinbase Custody, BitGo Custody, Seba and ErisX, all supported by major financial institutions and investment companies.

Goldman Sachs, Morgan Stanley and Citigroup have revealed that they have already developed the infrastructure to offer cryptocurrency deposit solutions and are awaiting regulatory intervention to start serving investors in the encrypted market.

Previously, Balaji Srinivasan, Chief Technical Officer of Coinbase, explained that the cryptocurrency market has historically gone through different bubble-burst-build-rally phases. The last nine months have shown a more significant development relative to the market infrastructure compared to that observed in the last eight years.

As new companies supported by Wall Street companies, investment giants and banks enter the cryptocurrency market to offer products and services that the sector is lacking, the market should grow at an exponential rate, which could lead to investors institutions to enter the cryptocurrency market in the coming months.

Some reports have stated that institutional investors have already begun to acquire Bitcoin through the over-the-counter (OTC) market, through intermediaries such as DRW and Circle, which have seen triple-digit growth in OTC cryptocurrency trading in recent months.

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