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New York Financial Regulator Works to Open the Economy, Grants First Bitcoin License in 2020 to ErisX

May 06, 2020

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The New York State Department of Financial Services (NYDFS) has granted its first BitLicense of the year to cryptocurrency exchange operator ErisX. The virtual currency license allows Eris Clearing to offer New York customers the ability to buy and sell Bitcoin and other cryptocurrencies on the ErisX platform. Eris Clearing also serves as a clearing entity for cryptocurrency futures contracts bought and sold on ErisX.

Superintendent Linda Lacewell says the DFS, which regulates financial services and products in New York, is pushing for technologically advanced platforms that can help the economy spring back from the widespread downturn due to the pandemic.

Says Lacewell,

“Today’s approval is another step in expanding virtual currency activities in the State and promoting New York’s support for financial innovation, which will be especially important as we work to reopen the economy of the world’s financial capital.”

The department has also approved ErisX for a money transmitter license.

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According to Thomas Chippas, CEO of ErisX,

“Our technology stack as well as regulatory framework, operations, and transparent marketplace are building blocks from the established commodity markets. They help us best protect our Members from market abuse and manipulation and preserve market integrity.”

To date, ErisX has raised $47.5 million in funding from some of the biggest investors in the crypto space including CME Ventures, Bitmain, Cboe, Digital Currency Group, ConsenSys, Fidelity, Nasdaq and TD Ameritrade and Pantera.

Today marks the 25th company to receive a license from the DFS since it first started granting approvals in 2015 to allow companies to engage in virtual currency activity in New York State.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/T photography