Bitmain-Baked Exchange ErisX to Employ Matt Trudeau, Famous Market Strategist

Just recently, the ErisX exchange completed its B-round of funding and intends to kick off spot trading with crypto assets, as well as trading with futures on crypto at the start of next year. Among the investors are such titans of the crypto industry as Bitmain, Fidelity Investments, ConsenSys, etc.

New captain for a new ship

On Thursday, it was reported that ErisX is hiring Matt Trudeau, a ‘sea-dog’ in giving markets and exchanges the right course. The man will be taking up the responsibilities of chief strategy officer.

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Trudeau began his career in trading at the start of the 2000s. Back then, the US market of equities was turning into a digital format and it is then when such world major markets as IEX, Tradewind (a more recent one), Chi-X, etc, came into existence. Trudeau worked for Tradewind and there he was responsible for a strategy of tokenizing precious metals and trading them.

Those who are not into crypto and the finance sphere in general may know this person from the “Flash Boys” best-seller by Michael Lewis. The book tells about the creation of IEX: how this stock exchange was founded in order to promote fairer markets by means of creating speed bumps for high-frequency traders.

Possible strategy for ErisX

Trudeau has seen many cases of revolutional markets and evolutions in markets. He believes that what starts as a revolution further on needs an evolution to continue existing. This is exactly the case with crypto, he reckons.

Trudeau will be in charge of the development strategy, looking beyond the current bearish market. He thinks it is crucial to take a prospective view on things, since, even with the dotcom crash, some of the best online companies appeared afterwards.

Plans of ErisX

Supported by big trading companies and crypto platforms like ConsenSys, the exchange intends to start spot trading in Bitcoin, Litecoin, Bitcoin Cash and Ether by the second quarter of next year.

A while after that, the firm will launch futures trading on Bitcoin (maybe on other crypto assets, too). The latter will first have to be approved by the US regulator on futures trading. The company intends to settle the contracts in Bitcoin, not in cash, as other exchanges do.