The bear market seems to have strengthened the trust of large financial institutes like Sequoia, Baidu, Nasdaq, and Fidelity. They are just a few large VCs, tech conglomerates, and finatech institutions to bet heavy on cryptos last week.
Just a couple of days back BitcoinExchangeGuide had reported that the second largest stock market operator, Nasdaq, and Fidelity, the fourth largest asset managers in the have invested in ErisX.
ErisX is a cryptocurrency trading platform that is still working to get their progress going. However, with a recent Series B funding round that closed today at $27.5 million, it is safe to say that they are prepared to push their momentum to a new level. Contributors to this investment include Bitmain, ConsenSys, Fidelity Investments, Nasdaq Ventures, and Monex Group. These businesses are significant for their current roles in the financial industry, considering that the NASDAQ is the second-largest exchange in the world, and Fidelity handles $7.2 trillion in their clients’ assets. So far, none of the contributors have released the amount of their contribution.
In the past, Eris Exchange has also received support from TD Ameritrade, but their goal now is to be the home of a Commodity Futures Trading Commission-regulated futures market and clearinghouse. J.B. Mackenzie, the head of futures and foreign exchange trading at TD Ameritrade had earlier stated that their stake in ErisX confirms its concern in building a platform with which accredited investors can partake in the crypto ecosystem.
ErisX CEO 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.”
The crypto market has continuously shown signs of a fertile market which shows hints of longevity and high demands. Now, cases like these and involvement of Sequoia, Nasdaq and Fidelity reaffirm that the interest of larger institutes has just begun.