Despite its bear market, venture capitalists are still finding plenty of reasons, and money, to pour into the cryptocurrency industry. US-licensed cryptocurrency exchange Seed CX today announced a $15 million Series B funding round, bringing its total funding to $25 million.
This bodes well for the future of the Chicago-based platform that facilitates spot, derivative trading and settlement for institutional crypto trading.
This most recent funding round was led by Bain Capital Ventures. According to a company press release, Seed CX plans to use the funding to finance its strategic growth initiatives, including accelerating product innovation and increasing hiring. It intends to double its head count to 40 people, primarily in operations, market surveillance, and technology.
The company also revealed that it has recently applied for a Bitlicense, which will allow it to bring cryptocurrency services to New York.
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Seed taps into its settlement banking relationships and Bittrex’s wallet infrastructure to offer margined products as well as settlement mechanisms for physical and derivative products. It also offers secure custody of cryptocurrency and fiat assets.
With multiple currencies supported and several pairs traded, Seed CX is obviously gearing towards operating in the crypto space more like a forex broker, albeit focused on the institutional segment. Casting the spotlight on this realm, SeedCX’s Chief Strategy Officer Sam Tegel will participate in the 2018 Finance Magnates London Summit, delving into the analysis of price discovery, liquidity, and hedging in different crypto trading models.
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“As a licensed exchange for both spot and derivatives trading, we deliver the operational risk safeguards, strong institutional technology, operational support, and regulatory compliance that institutions demand. What is particularly exciting is that our unique offering brings large institutional traders, who have so far sat on the sidelines, into the crypto space for the first time,” said Edward Woodford, Seed CX’s co-founder and CEO.