This has been a highly anticipated moment, as the trading platform has been undergoing the testing process for some time. ErisX had already been testing the program with a number of different financial firms that they expected to become users. Included in the testing was TD Ameritrade, which immediately adds credibility to the platform, as this is one of the largest investment services company in the world.
DRW Holdings is also on board, as well as gross frequency trader Virtu Financial. Both companies also agreed to be market makers for the new platform.
According to the report, TD Ameritrade intends to offer the new crypto trading platform to its 11 million clients. If the trading company opts to connect with ErisX they would become one of the first major brokers to offer cryptocurrency trading, joining Robinhood.
It is not surprising to see some of the largest investment firms in the world jump on board with ErisX. Many of the largest traditional trading platforms have seen the need to embrace cryptocurrency trading, including NASDAQ, Goldman Sachs, and Fidelity. With regulatory insurance in place to protect assets and investors, it was only a matter of time before these firms and trading platforms found that it was essential that they provide these kinds of services to their clients.
This new platform ups the ante. It is expected that ErisX will launch their crypto and crypto derivative trading platforms later this year, after they have received the appropriate regulatory approval.
This could be a game changer in the crypto community. For those investors who are looking for a secure way to get involved in the crypto markets, this will give them the kind of institutional control that protects their investment while also giving them the ability to gain traction in an ever-growing commodity.
The ultimate goal of the new crypto trading platform will be to go beyond the large investment firms and to offer the opportunity for the average trader to be able to make transactions using the service. Those who invest through TD Ameritrade may already have this opportunity, as the company intends to offer the crypto trading on the account screen, allowing investors to buy or sell much as they would with any other stock or asset.
The exact date of when the platform will go online has not been determined, but it’s expected to be pretty soon.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.