Seed CX Plans To Expand In Asia
Seed CX, which is a cryptocurrency exchange based in Chicago, is looking to expand in Asia. It is worth noting that the firm was backed by Bain Capital last year.
Partnering With Hydra X
The institution-focused crypto exchange revealed that it has partnered with Hydra X, a trading infrastructure technology provider headquartered in Singapore, in hopes of turning the expansion into reality. The partnership will give the company the ability to integrate its very own platform directly with Hydra X’s Sigma, a trading platform. Apparently, the latter is still in its beta version.
As soon as the highly anticipated integration results in fruition, Seed CX is expected to allow users to view prices. Even more so, they will be allowed to either trade or monitor – or even both – their respective portfolios on the aforementioned platform from Hydra X. In addition, users will finally have access to a fiat-crypto gateway, which the crypto exchange has promised before.
According to Daryl Low, the CEO of Hydra X, the partnership comes with tons of benefits. For starters, it will prove useful in their goal to expand their user base. Apart from that, this expansion will open the gates to traders who frequently seek regulated and secure access to the world of digital assets.
Offering a CFTC-Regulated Crypto Derivatives
Seed CX also revealed that it wishes to offer a market for the Commodity Futures Trading Commission or CFTC-regulated cryptocurrency derivatives. In order to achieve this, the crypto exchange plans to do so through its very own subsidiary called Seed SEF.
Back in September last year, the exchange was successful in raising at least $15 million through a Series B funding. The round, in particular, was led by Bain Capital Ventures, as mentioned above. Moreover, the investment from the said funding made it possible for the company’s funding to date to achieve the $25 million mark (during press time).
The company was able to launch spot trading market solely regulated by the world’s leading crypto Bitcoin, which the public saw in January this year. Through it, the firm said it can offer a deeper book of liquidity. Edward Woodford, the CEO and co-founder of Seed CX said at that time that they would offer a truly institutional level of support.
Another subsidiary of the crypto exchange called Zero Hash, which is a FinCEN-regulated firm in the U.S., launched a wallet solution specifically for institutions. This was back in January, and it was aimed at providing added security and transparency around its customers.