Institutional cryptocurrency exchange operator Seed CX announced the launch of spot trading in digital assets for financial institutions this Wednesday.
The company says that it is the first firm to have launched an institutional-only cryptocurrency spot trading platform and that it is the only exchange to offer both spot and derivatives trading.
“There is no shortage of digital asset spot trading markets, but none have our vision for creating an institutional-grade experience across technology, operations and compliance,” said Edward Woodford, co-founder and CEO of Seed CX. “We are getting very positive feedback from recently on-boarded customers, and we are quickly on-boarding more investors and trading firms from around the world.”
New wallet for spot trading
Wednesday’s news comes less than two weeks after Seed CX released details of its new wallet. Unlike most exchanges, which centrally store deposits in a single wallet, institutions using Seed CX’s storage facilities will have their own wallet.
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Besides the obvious security features – it’s much easier to hack a single wallet than hundreds of different ones – this also means institutions don’t have to fret over the potentially dodgy accountancy practices of unregulated exchanges.
Currently, the exchange only offers USD-based currency pairs but will be expanding its offering to include EUR and JPY in the middle of this quarter. Unless something drastic happens, that would also make Seed CX the first firm to offer multiple fiat currencies on a single platform.
Institutions that trade on the platform will not be subject to any deposit or withdrawal fees – for both cryptocurrencies and fiat currencies.
Like some other cryptocurrency exchanges, the firm will also be operating under a maker-taker model. That means market makers will not be charged for trading on the exchange and, according to the firm, market takers will be subject to the industry’s lowest trading fees.