Seed CX, a Chicago, IL-based licensed cryptocurrency exchange that offers institutional trading and settlement for both spot market and CFTC-regulated derivatives, raised $15m in Series B funding.
The round, which brought total funding to date to over $25m, was led by Bain Capital Ventures.
The company intends to use the funds to expand its physical trading infrastructure, broaden its network of institutional trading groups, and more than double its team to close to 40 people, primarily in operations, market surveillance, and technology.
Led by Edward Woodford, co-founder and CEO, Seed CX provides institutional investors and professional traders with the market structure and technology they need to add cryptocurrencies to their portfolios and investment strategies, in particular:
Trading – Seed CX supports FIX connectivity and multiple trading desks, and offers a diverse crypto and fiat product suite, the ability to integrate with popular institutional order management systems, and easy market monitoring.
Risk Management and Operations – Seed CX protects market participants through an active regime of trade surveillance, segregated trader accounts, audit trails, and circuit breakers, all on a stable, reliable, and secure infrastructure and backed by a dedicated account team.
Settlement and Custody – Seed CX, through its settlement engine, Zero Hash, offers physical settlement for a range of fiat and digital assets, as well as custody through its proprietary Digital Asset Vault.
Seed CX and its subsidiaries hold the following registrations and licenses: Swap Execution Facility (CFTC), Introducing Broker (NFA), Money Services Business (FinCEN), and Money Transmitter (15 states, including Delaware, Illinois, and Connecticut), and it has a pending BitLicense with NYDFS and a pending Broker Dealer registration with FINRA.
Other investors in the company include CMT Digital, Queueco, Tetras Capital, F2Pool, Konza Capital, OKCoin USA and Divergence Digital Currency Fund, and investment bank XMS Capital.