ErisX integrates FIS back-office services for digital asset futures

ErisX partnership with FIS will allow investors to process crypto futures through existing back-office workflows.

Digital asset trading platform ErisX has teamed up with FIS to use the tech vendor’s back-office services to support its crypto futures contracts.

ErisX said the partnership with FIS aims to ensure its institutional client base can process digital asset derivatives products through existing back-office workflows. FIS completed integration and started testing ErisX products on 23 September.

“The start of testing at FIS signifies an important milestone for ErisX and necessary groundwork to prepare for the digital asset futures we plan to launch before the end of the year,” said Thomas Chippas, CEO of ErisX. “Working with an industry leading firm such as FIS underscores the importance we place on establishing the fundamental infrastructure necessary to work with futures market intermediaries who provide services to institutional investors.”

ErisX currently offers spot trading services on Bitcoin, Bitcoin Cash, Ehtereum and Litecoin, with plans to add crypto futures and form a platform for both spot and CFTC-regulated digital asset futures. ErisX also gained a derivatives clearing license from the US derivatives trading authority earlier this year, authorising it to clear physically delivered cryptocurrency futures.

“FIS’ support of ErisX’s products is a sign that their intermediary-friendly vision is coming to fruition,” Bob Fitzsimmons, executive vice president at Wedbush Securities, commented on the partnership. “The FIS platforms are familiar to the back-office processes in traditional commodities markets and bring conventionality to the digital asset space.”

In December last year, ErisX gained a $27.5 million investment from major financial organisations including Fidelity Investments and Nasdaq Ventures. Fidelity and Nasdaq joined other major institutions that have already backed the crypto venture with investments, including Virtu Financial, DRW Venture Capital, Cboe Global Markets and NEX Group.