Broker

ErisX is testing its new crypto exchange, and TDAmeritrade is one firm looking to link up with the market

Quick Take

  • ErisX has been testing its new market with its partners, including TDAmeritrade
  • The move means the brokerage giant could offer crypto trading to its retail clients
  • Meanwhile, TDAmeritrade has launched a new team dedicated to crypto
ErisX, the Chicago-based crypto exchange, is gearing up to launch its market for spot crypto trading, and it’s recently been in testmode with some prospective firms hoping to link up to its marketplace.
 
TDAmeritrade is one of those firms, sources familiar with the situation tell The Block, meaning TDAmeritrade could soon offer crypto trading to its 11 million retail clients. A spokeswoman for ErisX declined to comment on its specific partners, noting in a public statement that the firm has been in a “production environment with a limited number of participants to optimize the process in advance of our public launch.”
 
“Testing is a best-practice necessary for us and our customers as we build the most robust and transparent marketplace for digital assets,” the spokeswoman added.
 
As for TDAmeritrade, this wouldn’t be its first foray into the digital asset world. The firm was one of the first brokers to offer bitcoin futures to its retail clients. It is also a strategic investor in ErisX, which also raised funds from high-speed traders like DRW, Virtu Financial, and Susquehanna International Group in 2018.
 
ErisX is preparing to offer spot cryptocurrency and cryptocurrency derivatives trading later this year pending regulatory approvals. If TDAmeritrade is successful in launching the offering it would be among the first major brokers to offer crypto trading, following leader Robinhood, the San Francisco zero-commission broker.
 
Elsewhere at TDAmeritrade, the firm has created a new crypto team, as per an internal message. In a message to employees, Peter deSilva, a president of the firm, told employees Sunayna Tuteja would be taking on the role of Head of Digital Assets at the firm. Per the message, Tuteja will “be responsible for building a scalable blockchain and crypto practice inclusive of partnerships, investments, and products to harness the growing power of blockchain technology.” Previously she was charged with leading retail partnerships and the emerging products team.
 
A spokeswoman for TDAmeritrade did not respond to a request for comment.