By
Temitope Olatunji
April 18th, 2024
ErisX has announced that it is launching Ethereum futures contracts. It is the first U.S.-based exchange to introduce physically-delivered ETH futures.
Crypto exchange firm ErisX has announced that it would begin trading Ethereum futures contracts on its platform from Monday, May 11. The firm also took to Twitter to announce, saying that the Ethereum blockchain community and a broader capital market would benefit from the regulated product.
ErisX is proud to be the first U.S. based exchange to introduce physically delivered Ether Futures. #ETH $ETH. https://t.co/M8MN0i3kEZ
— CboeDigital (@CboeDigital) May 11, 2020
Launch of ErisX Ethereum Futures Contracts
This announcement comes days after the firm got a virtual currency license from the New York Department of Financial Services. With its Ether futures launch, investors, individuals would have access to future contracts on Ethereum that expire monthly or quarterly. It would also enhance price transparency and collateral efficiencies with its spot market.
ErisX will also introduce standardized futures contracts that will be supervised by the CFTC (Commodity Futures Trading Commission). With it, miners, hedgers, businesses that run on Ethereum would enjoy more benefits. ErisX additional offering has been in process for a long time. The form got its license for derivative clearing from CFTC in 2019. Since then, digital assets’ future contracts have been traded on its derivatives market.
A couple of months ago, ErisX started to offer trading futures for crypto like Bitcoin. However, trading volumes have not been on the high side.
Before ErisX Ether futures launch, Ether futures has been a matter of deliberation by regulators in the U.S. Last year, CFTC said that they are ready to approve ether futures so long the proposed contracts met the regulatory requirements.
The regulator’s Chairman Heath Tarbert also said the same when he assumed office last year. He also anticipated that launch would happen this year.
ErisX Commits to Bringing Innovation to Crypto Space
The firm further reiterated its commitment to being a leader in the crypto space. They aim to achieve this by providing an innovative and single space for spots and regulated futures.
Thomas Chippas, ErisX CEO said that the Ethereum blockchain community and capital market get to enjoy from access to the regulated product as they are happy to be tie foremost U.S exchange to provide future contracts.