The Chicago Board Options Exchange (CBOE) announced they are re-entering the cryptocurrency market with the purchase of the ErisX platform, which provides customers with the ability to trade cryptocurrencies both directly and through derivatives.
This is not the first time the Chicago Board Options Exchange (CBOE) has dived into the crypto industry. Back in 2017, CBOE became the first platform in the US to offer Bitcoin futures trading.
— Cboe (@CBOE) October 20, 2021
However, after the decline in the cryptocurrency market, the company’s management decided to close access to such products. It was later reported that CBOE would launch cryptocurrency indices in Q2 2021, but the launch never took place.
“Now is the right time to fully embrace and define this emerging asset class. Through the acquisition of ErisX, our company gains access to the cryptocurrency ecosystem,” said Chris Isaacson, executive vice president and chief operating officer of CBOE.
ErisX was founded in 2018 and operates in the US market. It provides access to the crypto derivatives market and futures trading, as well as clearing services.
ErisX is registered with FinCEN and licensed in several US states. To deal with digital assets, CBOE will launch a subsidiary, CBOE Digital.
The acquisition will be completed in the first half of 2022, subject to regulatory approval.