Citi‘s quantitative execution head to lead Eris Exchange’s crypto venture as CEO

Thomas Chippas has been appointed CEO of Eris Exchange’s new crypto marketplace, which is backed by Virtu Financial and DRW.

Eris Exchange is set to launch a new marketplace for digital asset future and spot contracts, which will be led by Citi’s former global head of quantitative execution.

Thomas Chippas has been appointed CEO of the new platform known as ErisX and backed by the likes of major financial institutions such as Virtu Financial, DRW Venture Capital, Cboe Global Markets and NEX Group.

Eris Exchange said that ErisX has been established to provide a regulated, transparent and stable venue to the digital asset market with the reliability and infrastructure of a traditional centralised exchange.

The platform will provide trading initially in Bitcoin, Litecoin, Ethereum and Bitcoin Cash, with futures contracts on each that will be physically delivered, according to the ErisX website. It will also look to become a regulated derivatives exchange with the US derivatives financial regulator and all contracts will be cleared by Eris Exchange.

“Closing this round of funding enables us to accelerate investments in the platform and our team,” Chippas commented. “Leveraging our heritage and experience with exchange infrastructure, our market participants will benefit from modern trading tools on a fair and transparent platform.

“ErisX’s enhanced experience will provide the opportunity for new participants to enter the digital asset market and existing participants a superior venue for their execution and clearing needs.”

Eris exchange added that its pool of investors, which also includes ED&F Man Capital Markets, Nico Trading and TD Ameritrade, each bring unique expertise to the project in both the traditional and digital asset spaces. DRW Holdings and Virtu Financial are set to join the new cryptocurrency exchange as market makers.

“As a global liquidity provider, Virtu supports and engages products and venues across various asset classes,” said Doug Cifu, CEO of Virtu Financial. “Given the transparent ErisX market model and regulatory framework, it’s natural we would want to provide liquidity and grow this digital asset market centre.”

Eris Exchange is the latest firm to move forward with plans to enter the cryptocurrency market, following in the footsteps of ICE, SIX Swiss Exchange and Deutsche Börse.