ErisX. Bakkt. Fidelity. The list goes on.
Last year, these firms were among the many brands that dove into the institutional cryptocurrency market with announcements of their respective Wall Street-aimed offerings.
At the time, bitcoin enthusiasts drooled over the prospect of new institutional on-ramps that promised to lure mainstream investors into the market, known for its cypherpunk and dark web roots. Still, despite a year of headlines, ErisX and Bakkt have very little volume to account for. Indeed, one investor in ErisX told The Block that the firm has facilitated “an embarrassingly small number of trades” since it rolled-out its spot market in April.