ErisX, a digital currency derivatives exchange, has opened an additional option for retail and institutional investors in the United States to invest in futures products outside Bitcoin. Today, the company announced it had launched Ether futures contracts.
ErisX launches Ether derivatives product
The new Ether futures contract is reportedly the first-ever in to launch in the country. Additionally, the Ether product will be physically settled and based on ETH-USD, as per the announcement shared in a Medium post on Monday.
The Chicago-based exchange noted in the report that the new Ether futures contract is launched with quarterly and monthly expirations. Meanwhile, the US investors can start trading the contracts from today, as ErisX’s representative confirmed.
Ethereum has similarities with many commodity markets, in terms of structure. It also possesses genuine functionality and use cases, including firms, government, and real people, according to the derivatives company.
Since the inception of Ethereum in 2015, the community has expanded to constitute product developers, organizations, speculators, and several entities. ErisX expressed excitement to have launched the product and expect that the ETH community will benefit from it.
US first Ether futures contracts
Despite the popularity of futures contracts on Bitcoin, there has never been any launch of Ether products in the United States. Part of the reason is because of the regulatory uncertainty on the actual status of Ether among the regulators in America.
Meanwhile, the launch of the Ether product today is coming a few days after the company was awarded a BitLicense by NYDFS to offer its services to users and investors in New York. ErisX was also given a money transmission license.
Already, the derivatives exchange offers Bitcoin futures contracts, which was initially launched in December 2019. The company claims it has seen more trading in the market.