Cboe Global Markets, an operator of various options, equities, futures and forex exchanges, on Thursday named the equity investors interested in its new digital asset-focused business, Cboe Digital.
Additionally, the company disclosed the planned commercial partners for its recently acquired Eris Digital Holdings (ErisX), a provider of crypto spot, futures market and clearing services.
Cboe Global Markets said it intends to rename ErisX, which currently operates as its subsidiary, to Cboe Digital.
The US-based derivatives exchange noted that the said equity investor and partner firms “have committed to ongoing engagement with the business and building of Cboe Digital markets.”
The list of “soon to be formalized group of equity partners” for Cboe Digital includes the crypto asset liquidity provider, B2C2, the diversified trading firm, DRW, the crypto market maker, GSR and the institution-focused global credit provider, Hidden Road.
Others on the list for Cboe Digital are the proprietary trading firm IMC, the brokerage firm, Interactive Brokers, and the operator of US commission-free stock trading app, Robinhood.
Additionally, the brokerage firm, Tastytrade, the NASDAQ-listed financial services provider, Virtu Financial, the quantitative trading firm, Jane Street, the venture capital firm, Jump Crypto, and the international trading company, Optiver, are also potential investors for Cboe Digital.
Expanding ErisX
On the other hand, Cboe said the commercial partner firms that will support ErisX include Fidelity Digital Assets, a provider of enterprise-grade custody and digital asset trade execution services, and Galaxy Digital, an investment management firm.
The bitcoin company, NYDIG, and Chinese-owned electronic trading provider, Webull, are also planned commercial partners for ErisX, among others.
“Through their equity ownership, each firm will directly benefit from the growth of ErisX and Cboe Digital and the close strategic and commercial alignment from day one,” Cboe Global Markets said.
Cboe, which generated net revenue of $424 million during the second quarter of 2022, pointed out that the list of equity investors and partners is “subject to the execution of definitive documents.”
Moreover, the Chicago-headquartered firm noted that it will create a Digital Advisory Committee from members of both groups to advise it on “the ongoing development of the ErisX spot and derivatives markets, and more broadly, Cboe Digital and the digital asset space.”
“Cboe plans to leverage the engagement and collaboration with these market participants to help accelerate growth of ErisX as a resilient, trusted and transparent digital asset venue,” the firm explained.
Speaking on the partnership, Ed Tilly, the Chairman and Chief Executive Officer of Cboe Global Markets, noted that the company was excited to push the vision of ErisX for the digital asset market.
"We are gratified to have the support of such a tremendous group of industry leaders, which we believe is further validation of our vision for the Cboe Digital business," John Palmer, the President of ErisX, commented.
