Cboe Re-enters The World Of Crypto With Digital Asset Platform

In a statement made earlier today, Cboe Global markets Inc. have announced that the company will be re-entering the crypto world. This comes after an agreement to acquire Eris Digital Holdings LLC was made, amid a growing appetite for the assets. 

The Chicago-based exchange firm agreed to acquire Eris’s spot market, regulated futures exchange and clearinghouse. The terms of the agreement have not yet been disclosed. 

“The demand for digital assets is huge, and there are some early movers in the retail-broker space that are eager to see this transaction,” The CEO of Cboe, Ed Tilly, said in an interview. “There is a trust factor when you see Cboe operate in a geography or asset class. This is no different.”

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The transaction will be financed with cash and debt and the purchase is set to be completed in the first half of next year. Back in 2017, Cboe became the first exchange to list Bitcoin futures in the US. The company was then replaced by CME group Inc. Cboe also battled with the SEC to list a Bitcoin exchange-traded product in 2016. 

The newly combined company now plans to eventually introduce a digital market data offering, indexes and derivative products. The CEO said that the firm would offer an “all-in-one” solution that will be built over years. The digital asset business will operate as Cboe Digital. 

The companies have already received support from retail brokers, crypto firms and sell-side banks that will create a committee to advise Cboe on platform development. The panel includes a number of big names including Robinhood Markets Inc. and Galaxy Digital. Some of the firms expressed interest in acquiring monetary stakles in the new business. 

According to Eris CEO, Thomas Chippas, “It’s impossible not to be paying attention to all the innovations in crypto”. “You can’t always pick your timing, so it’s always great when it works out.”