Cboe Is Teaming With Virtu, Jane Street to Build Crypto Business

Cboe Global Markets Inc. is partnering with financial firms including market makers Jane StreetVirtu Financial Inc. as it builds out its crypto business.

The Chicago-based exchange operator said it’s in “advanced discussions” with potential equity partners including Hidden RoadInteractive Brokers Group Inc.Jump Crypto, according to a statement Thursday. Terms of the equity partnership, which is expected to be finalized in coming weeks, weren’t disclosed.

“We look forward to leveraging the combined expertise of our partner firms to help bring Cboe’s regulatory framework, transparency, infrastructure and data solutions to further grow the digital asset market on a global scale,” Cboe Chief Executive Officer Ed Tilly said in the statement.

Cboe is working to build its presence in crypto markets. In 2017, it was the first exchange to list Bitcoin futures in the US, then exited the market in 2019 and was replaced by CME Group Inc. It re-entered the space earlier this year with the acquisition of crypto firm Eris Digital Holdings LLC, also known as ErisX, which is slated to be renamed Cboe Digital.

Cboe said it plans to form a Digital Advisory Committee that it includes equity partners. The committee will advise the firm on the development of ErisX spot and derivatives markets and the Cboe Digital business.

Read more: Cboe Re-Enters Crypto With Deal to Buy Digital-Asset Platform