US Crypto Exchange Launches Spot Trading for Institutional Investors

Published at: Jan. 23, 2019

Chicago-based, licensed crypto exchange Seed CX has launched spot trading for institutional investors, according to an official press release published on Wednesday, Jan. 23.

Spot trading is the purchase or sale of a currency, financial instrument or commodity for immediate delivery. Spot contracts can include the physical delivery of the the instrument, commodity or currency.

Per the announcement, Seed CX has introduced spot trading for the Bitcoin (BTC) to U.S. dollar pair, while Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) pairs will be added later this month. Furthermore, Seed CX is planning to expand its fiat pairs to the euro and Japanese yen later in Q1 2019.

Additionally, the company announced it will offer a market for digital asset derivatives regulated by the United States Commodities and Futures Trading Commission (CFTC).

The U.S. exchange also claims to use a model with zero fees to deposit and withdraw fiat or digital assets. All dollar deposits are reportedly held in regulated U.S. banks and protected by the Federal Deposit Insurance Corporation.

Edward Woodford, co-founder and CEO of Seed CX, claims that the exchange has already received positive feedback on the feature from its customers and expects to attract institutional investment.

Earlier this month Seed CX launched a digital asset wallet solution with on-chain settlement for institutional investors. The project was developed together with its settlement subsidiary, Zero Hash — a crypto and fiat currency custodian providing on-chain settlement services that reportedly has FinCEN’s regulatory approval to operate as a money transmitter in 25 states.

Tags
Blockchain
United States
Cryptocurrency Exchange
Cryptocurrencies
Investments
Related Posts
Ark Invest founder Cathie Wood passed on buying the first Bitcoin futures ETF
Ark Invest founder and CEO Cathie Wood did not invest in the ProShares Bitcoin Strategy exchange-traded fund (ETF) on opening day, according to Business Insider. Wood said about the ETF’s debut: “No, we did not [invest]. We’re looking at this very carefully […] there are some tax ramifications we’d like to understand more having to do with contango versus more normal backwardation.” The contango of the ETF refers to when the future price of the commodity is higher than the spot price. Backwardation is when the forward price of the futures contract is lower than the spot price in a …
Adoption / Oct. 21, 2021
SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF
United States Securities and Exchange Commission Chair Gary Gensler and ProShares head of investment strategy Simeon Hyman discussed the launch of the first Bitcoin-linked exchange-traded fund (ETF) with CNBC on Tuesday. ProShares Bitcoin Strategy ETF, also known as BITO, is based on CME Bitcoin (BTC) futures contracts. CNBC commentator Bob Pisani shared concerns from some investors that BTC futures could deviate from the BTC spot price. “The futures market is a better place for price discovery,” said Hyman. “The CME futures market trades more volume than the largest U.S. crypto exchange. We launched a similar mutual fund on 7/28, and …
Adoption / Oct. 19, 2021
Security Token Exchanges May be the Next Phase in the Finance Evolution
In 1996, there were over 8,000 public companies listed on exchanges in the United States. Fast forward to 2020 and there are only approximately 4,400 — a drop of 46% despite the fact that the S&P 500 quadrupled in value. Conventional wisdom would lead readers to think they are looking at a misprint. This paradox has led to efforts from both the public and private sectors to help jump-start initial public offerings. Unfortunately, legislation like the Jumpstart Our Business Startups Act, or JOBS, has not had the desired impact, and companies have instead elected to stay private longer than they …
Blockchain / June 18, 2020
Crypto Exchange Offering CFTC-Regulated Derivatives Raises $15 Million in Funding Round
Boston-based alternative investment firm Bain Capital Ventures has led a $15 million funding round for an institutional cryptocurrency exchange Seed CX, according to an official announcement published September 12. Seed CX is a Bain Capital Ventures backed, licensed digital asset exchange for both spot market and U.S. Commodities and Futures Trading Commission (CFTC)-regulated derivatives. Per the announcement, Seed CX’s total funding has reached more than $25 million following the latest $15 million Series B funding round. The exchange will use the recent investment to improve its physical trading infrastructure, expand its network of institutional trading groups, as well as create …
Blockchain / Sept. 13, 2018
Erik Voorhees tips $40K BTC by June, but little consensus among pundits
There is little agreement among Bitcoin’s commentators over the last few weeks, with crypto execs, research analysts and billionaire investors offering wildly different takes on what's in store for Bitcoin for the year ahead. One crypto exchange founder expects Bitcoin (BTC) to spike to $40,000 by the “summer” of 2023, while a Bitcoin billionaire has renewed his bullish $250,000 BTC price prediction for the year. Erik Voorhees — $40,000 by the “summer” Erik Voorhees, founder and CEO of cryptocurrency exchange ShapeShift, was optimistic about a potential recovery of Bitcoin’s price during an interview with Bankless on Jan. 2, stating he …
Adoption / Jan. 3, 2023