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Cboe Completes Acquisition of Crypto Exchange ErisX

11 Mins read


Cboe Global Markets (Cboe: CBOE), which operates a major derivatives exchange in the US, announced on Monday the completion of the acquisition of Eris Digital Holdings (ErisX), a Chicago-based crypto exchange. Both the companies agreed to the deal last October.

The  acquisition  is strategic as it will allow Cboe to dive into the digital asset spot and derivatives marketplaces.

“We see enormous potential in the digital asset market and are excited to apply our blueprint of success to this burgeoning asset class,” Ed Tilly, who is heading Cboe as Chairman, President and CEO, said.

A Regulated Crypto Trading Venue

Cboe’s interest in ErisX was also due to regulatory permissions the digital asset platform is achieving in the United States. It is a CFTC-registered Designated Contract Market (DCM) and also offers  clearing  services as a Derivatives Clearing Organization (DCO). It also offers spot crypto trading services with licenses obtained from regulators in New York and other US states.

“From the beginning, our vision was to advance the digital asset spot, data, derivatives and clearing ecosystem by making regulatory compliance and operational integrity the foundation of the ErisX business,” ErisX CEO, Thomas Chippas said.

As a part of the acquisition, the ErisX CEO and the rest of the employees will join the new parent company, Cboe.

Neither the companies disclosed the financial terms of the acquisition deal, but they highlighted that the purchase price is not material from a financial perspective. Rather, it was more influenced by ErisX’s regulated position in the digital asset market and its growth potential.

Cboe is also bullish on its new subsidiary and is anticipating that the digital asset platform will have profitable EBITDA within the next two to three years and will benefit from its diversified revenue streams.

“Tom Chippas and the entire ErisX team have made significant progress bringing the regulatory framework and transparency of traditional markets to the digital asset space, and I look forward to working together, with our industry partners, to grow the digital asset market on a global scale,” Tilly added.

Cboe Global Markets (Cboe: CBOE), which operates a major derivatives exchange in the US, announced on Monday the completion of the acquisition of Eris Digital Holdings (ErisX), a Chicago-based crypto exchange. Both the companies agreed to the deal last October.

The  acquisition  is strategic as it will allow Cboe to dive into the digital asset spot and derivatives marketplaces.

“We see enormous potential in the digital asset market and are excited to apply our blueprint of success to this burgeoning asset class,” Ed Tilly, who is heading Cboe as Chairman, President and CEO, said.

A Regulated Crypto Trading Venue

Cboe’s interest in ErisX was also due to regulatory permissions the digital asset platform is achieving in the United States. It is a CFTC-registered Designated Contract Market (DCM) and also offers  clearing  services as a Derivatives Clearing Organization (DCO). It also offers spot crypto trading services with licenses obtained from regulators in New York and other US states.

“From the beginning, our vision was to advance the digital asset spot, data, derivatives and clearing ecosystem by making regulatory compliance and operational integrity the foundation of the ErisX business,” ErisX CEO, Thomas Chippas said.

As a part of the acquisition, the ErisX CEO and the rest of the employees will join the new parent company, Cboe.

Neither the companies disclosed the financial terms of the acquisition deal, but they highlighted that the purchase price is not material from a financial perspective. Rather, it was more influenced by ErisX’s regulated position in the digital asset market and its growth potential.

Cboe is also bullish on its new subsidiary and is anticipating that the digital asset platform will have profitable EBITDA within the next two to three years and will benefit from its diversified revenue streams.

“Tom Chippas and the entire ErisX team have made significant progress bringing the regulatory framework and transparency of traditional markets to the digital asset space, and I look forward to working together, with our industry partners, to grow the digital asset market on a global scale,” Tilly added.



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