Cryptocurrency derivatives exchange ErisX has announced the launch of physically settled ether (ETH) futures contracts. These are the first physically settled ether contracts offered in the United States.

According to a press release, the Chicago-based exchange announced traders can now trade contracts, which are based on ETH-USD with monthly and quarterly expirations. In the release Thomas Chippas, CEO of ErisX, was quoted as saying:

We strongly believe that the Ethereum blockchain community and broader capital markets benefit from access to regulated products and we are pleased to be the first U.S. exchange to offer these futures contracts. Our contract sizes are accessible for any investor while our technology stack and regulatory framework meet institutional expectations.”

As CryptoGlobe reported, ErisX launched its bitcoin futures contracts in December 2019. EirsX’s ether futures contracts are physically settled, meaning they are settled in the cryptocurrency and not in cash.

Prior to the offering there were no other ETH-based derivatives products in the United States, partly because of the uncertainty surrounding the cryptocurrency’s legal status in the country. It’s worth noting that in October of last year, Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert claimed he believed ether futures contracts would be launched this year.

Tarbert’s comments came shortly after the CFTC declared ether a commodity from his point of view, as chairman of the CFTC. Speaking at the Yahoo Finance’s All Markets Summit, Tarbert likened the cryptocurrency’s status to that of bitcoin itself.

ErisX, it’s worth noting, received a BitLicense from the New York State Department of Financial Services (NYDFS) last week to serve customers in the state. It was also granted a money transmission license. The firm was launched in 2017 and raised $47.5 million from investors to date.

Featured image via Pixabay.