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Fidelity Joins With ErisX Clearinghouse For Better Liquidity

Fidelity Investments

Fidelity Digital Assets has now signed itself up as one of ErisX’s clearinghouse members. This comes in a bid to leverage the central limit of ErisX’s order book in order to help increase the overall liquidity when it comes to buy and sell orders.

A Match Made In Heaven

The company announced the move itself on Thursday. FDA stated the new agreement itself makes the spot market of ErisX available to its customers, making ErisX the first exchange that has been onboarded by the FDA.

The Head of Product of FDA, Terrance Dempsey, gave a statement to the public in regards to ErisX and FDA’s onboarding of it. According to Dempsey, ErisX stood as an attractive platform for onboarding due to a wide range of beneficial services it offers. Things like counterparty risk analysis, regulatory compliance, as well as existing tools on the platform, were all contributing factors to the decision, according to Dempsey.

ErisX Proud Of Household Name Partnership

Dempsey explained that FDA holds an execution platform connected to the company’s custody offering. This allows for two things to be offered, the first being a powerful matching engine to promote cross-client trading. Should that not be possible, Dempsey explained that the company would need to go out to a network of venues, and have them execute the orders alongside FDA.

Thomas Chippas, the CEO of ErisX, gave the mandatory kind words as well. He explained that the new partnership is a great way to show validation for what his company has been working on for such a long time. Chippas explained that ErisX has been striving to get the kind of household institutional intermediaries, such as FDA, into its market.

Long Standing Relationships

Chippas noted that the company plans to continue the process of bringing in traditional intermediaries into the crypto space. However, he made particular note of Fidelity Digital Assets, stating that the firm has been making strides in its crypto efforts for some time now, execution and custody services included.

The move between Fidelity and ErisX marks an expansion in an already longstanding relationship between the two firms. Fidelity was one of the investors of ErisX back in December of 2018

As Chippas explains it, a household name in financial services giving a significant investment was something big, to begin with. However, now that they’re reaching out and connecting to the crypto market ErisX provides, it stands as a testament to how valid the concept of central limit order books can be.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.