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§ Private Profile · 227 W Monroe St, Chicago, IL, United States
Regulated digital asset exchange and clearinghouse enabling crypto and crypto derivatives trading for institutional and retail, focused on compliance.
ErisX has raised $47.5M across 2 funding rounds.
Key people at ErisX.
ErisX has raised $47.5M in total across 2 funding rounds.
Based in Chicago, Illinois, ErisX is a regulated digital asset exchange and clearinghouse that facilitates the trading of cryptocurrencies and crypto derivatives for institutional and retail participants. Prior to its acquisition, the company raised $47.5 million in total funding to build its market infrastructure, which generates revenue through standardized trading fees of approximately 0.2 percent. The platform secured a Derivatives Clearing Organization license from the CFTC in 2019 to offer fully compliant spot trading, futures contracts, and specialized services like self-directed cryptocurrency IRA accounts. Major global exchange operator Cboe Global Markets initially announced its acquisition of the business in October 2021, officially closing the transaction in May 2022 and subsequently rebranding the platform as Cboe Digital. ErisX was originally founded in 2018 by former chief executive officer Tom Chippas and DRW founder Don Wilson.
Key people at ErisX.
ErisX has raised $47.5M across 2 funding rounds. Most recently, it raised $20.0M Series B in April 2019.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Apr 30, 2019 | $20M Series B | — | ARC Light Securities, Cboe Global Markets, CMT Digital, Joseph Lubin, CTC Venture Capital, Dragonfly Capital, DRW Venture Capital, Ed&f MAN Capital Markets, Flow Traders, Nasdaq Ventures, ROB Flatley, Pantera Capital, Susquehanna International Group, John Bartleman, Virtu Financial | Announced |
| Dec 7, 2018 | $27.5M Series B | — | Jihan WU, Cboe Global Markets, Charles Schwab, Joseph Lubin, CTC Venture Capital, Digital Currency Group, DRW Venture Capital, Ed&f MAN Capital Markets, Euclid Opportunities, Fidelity Management & Research Company, Monex Group, Nasdaq Ventures, Nico Trading, Pantera Capital, Susquehanna International Group, Third Stone Partners, John Bartleman, Valor Equity Partners, Virtu Financial | Announced |
ErisX operates as a regulated digital asset exchange and clearinghouse, providing platforms for spot crypto trading, futures contracts, and related services like OTC settlement for institutions and individuals.[1][2][3] It offers capital markets-friendly workflows with low fees (0.2%), algorithmic tools like the Order-on-Fill (OoF) via The Algo Machine, physically delivered futures for Bitcoin and Ether to minimize basis risk, and trading in assets such as Bitcoin, Ether, Litecoin, and Bitcoin Cash.[2][5] Acquired by Cboe Global Markets in October 2021 and rebranded as Cboe Digital, it now functions as a subsidiary, expanding into margin futures (CFTC-approved in June 2023) and digital asset indices for ETPs and derivatives.[1][3][5]
The platform addresses institutional adoption barriers in crypto by delivering transparency, regulatory compliance (CFTC-regulated DCM and DCO), security, and professional tools, serving traders, hedgers, miners, IRAs, and funds while bridging traditional finance with digital assets.[2][3][4][5]
ErisX traces its roots to Eris Exchange, founded in 2010 as a derivatives platform offering cash-settled swap futures.[4] In 2017, amid surging crypto prices and rising institutional interest, its board pivoted to digital assets, launching a spot market in April 2019, securing a CFTC Derivatives Clearing Organization (DCO) license for Eris Clearing in July 2019, and starting regulated futures trading in December 2019.[1][4]
Founded formally as ErisX in October 2018 by CEO Tom Chippas and a team of financial professionals, the company aimed to apply proven traditional market infrastructure—robust, resilient, and regulated—to crypto, eliminating security and compliance gaps.[3][5] Backed by major financial institutions, it gained early traction through specialized IRA accounts and advanced tech for transparency and low fees.[2][4] The pivotal 2021 acquisition by Cboe integrated it into a global exchange giant, with Chippas leading the Cboe Digital unit and John Palmer as President.[3][5]
ErisX rides the wave of institutional crypto adoption, capitalizing on post-2017 price surges, regulatory maturation (e.g., CFTC approvals), and demand for compliant bridges between traditional finance and digital assets.[3][4][5] Its timing aligns with market forces like ETF approvals, clearer U.S. regulations, and institutions seeking secure, low-risk exposure amid volatility—physically delivered futures reduce slippage/basis risks plaguing cash-settled products.[2]
By pioneering regulated spot/futures combos and OTC tools, it influences the ecosystem by boosting transparency, lowering barriers for IRAs/funds, and enabling derivatives innovation (e.g., margin futures, indices), fostering broader participation and market efficiency.[3][5][6]
As Cboe Digital, ErisX is positioned for expansion in regulated crypto derivatives, with trends like tokenized assets, clearer global regs, and TradFi-crypto convergence driving growth—expect deeper ETP/index integrations and more leveraged products.[5] Its influence may evolve toward dominating U.S. institutional clearing, potentially capturing share as competitors face scrutiny.
This regulated pioneer, born from derivatives expertise, continues transforming digital assets into mature markets akin to equities.
ErisX has raised $47.5M in total across 2 funding rounds.
ErisX's investors include Arc Light Securities, Cboe Global Markets, CMT Digital, Joseph Lubin, CTC Venture Capital, Dragonfly Capital, DRW Venture Capital, ED&F Man Capital Markets, Flow Traders, Nasdaq Ventures, Rob Flatley, Pantera Capital.
