ErisX

ErisX operates a unified platform that provides both individuals and institutions with access to cryptocurrency spot and futures markets. The business model centers on offering a single point of access for trading multiple digital assets, including Bitcoin, Ether, and stablecoins, through a compliant and transparent market structure. This intermediary-friendly model is designed to attract traditional financial institutions by providing robust regulatory oversight, professional trading tools, and advanced technology. The platform features a U.S.-based digital asset spot market, a regulated futures exchange, and a regulated clearinghouse, all designed to mitigate counterparty risk and enhance capital efficiency. Revenue is generated from trading and clearing activities on its platform, which includes both physically delivered and cash-settled futures contracts.

A key milestone in the company's history was its acquisition by Cboe Global Markets, which was announced in October 2021 and completed in May 2022. This acquisition allowed Cboe to enter the digital asset space, rebranding ErisX as Cboe Digital. Under Cboe's ownership, ErisX continues to operate as a subsidiary, with Thomas Chippas remaining as the head of the digital asset business. The platform's futures exchange and clearinghouse are regulated by the Commodity Futures Trading Commission (CFTC), and its clearinghouse is also registered with FinCEN, holding licenses in numerous U.S. states. In September 2022, the company launched the ErisX Settlement Service to reduce settlement risk for over-the-counter (OTC) crypto transactions.