Two of the most popular financial industry giants Nasdaq and Fidelity are in today’s crypto news for diving deeper in the crypto space and investing $27.5 million in the Wall Street crypto exchange ErisX.
ErisX is a Chicago-based exchange that announced today that they managed to secure $27.5 million in funding from a group of investors led by Nasdaq Ventures and Fidelity Investments. The names and size of the other investors were not disclosed.
The CEO of ErisX Thomas Chippas said:
“With increasing financial support from leading-edge firms, ErisX stands to provide the most robust, secure and regulated digital asset offering available to both institutional and individual participants. Closing this second round of funding enables us to continue building our modern platform and expand our team.”
According to the official website of the exchange, ErisX will provide crypto trading and futures contracts mostly supporting bitcoin, ethereum, litecoin, and bitcoin cash. The company is planning to offer futures and other products in late 2019 after obtaining an approval from the CFTC to operate as a Derivatives Clearing Organization.
In the future, ErisX plans to get a license from all 50 US states that will allow users to trade on the exchange with fiat currency.
This is not the first time ErisX raising funds. Previously, the company managed to raise funds from retail brokers, CBOE exchange, TD Ameritrade and many more. Both of the companies that are now funding the exchange are also preparing to deliver specific crypto products in 2019.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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