Eris Clearing, the clearing, and settlement arm of ErisX, has been awarded the BitLicense or virtual currency license from New York’s department of financial services (NYDFS).
ErisX made it clear on Wednesday that the spot and contingent claim marketplace currently unites a high-quality group of popular cryptocurrency firms which includes Coinbase, Robinhood, and Bitstamp and in addition to crypto brokerage Tagomi, that have all met the conditions of NYDFS standards that are referred to as Bitlicense.
We are happy that the New York department of financial services (NYSDFS) has acknowledged our commitment to high standards we adopt from the capital markets structures and put them into the cryptocurrency space,Thomas Chippas, the CEO of ErisX wrote in a statement.
A framework for companies finding services
In the year 2019, ErisX was also crowned a Derivative Clearing Organization (DCO) license by the US Commodity Futures Trading Commission (CFTC) for its futures market and clearinghouse. As a result, ErisX entities are licensed to work in 47 states and jurisdiction among New York.
Officially launched in 2015 June, the NYSDFS is designed to give a framework for companies finding services relating to Bitcoin and other cryptocurrencies for example trading.
The NYFDS requires any businesses conducting cryptocurrency transactions with those who reside in New York to have a license from the state, irrespective of whether the companies are elsewhere.
BitLicense came from NYDFS superintendent Lacewell
At the end of the year 2019, the Bitlicense came from NYDFS superintendent Linda Lacewell who said it was good to look keenly at the platforms working in the rising cryptocurrency space and think seriously on the changes from 2015 to date.
Talking about the news, Chippas told Coindesk that those at work and those who set standards ensure that the system is open and trustworthy. Although they innovate goods and services, they still follow guidelines and safe business.
After forming an alignment with Fidelity investments and tradestation crypto we are expecting to welcome people who reside in New York and institutions to the spot platform because at the moment we are capable of.