Seed CX, a Chicago-based digital assets exchange, that also offers spot and derivatives trading and settlement to institutional investors, has successfully raised $15 million in its series B funding round, according to a Finance Magnates report on September 13, 2018.
Seed CX Raises $15 Million
Per sources close to the matter, Seed CX has secured $15 million in its series B funding round led by Bain Capital Ventures, bringing its total funding to $23 million.
The firm has hinted in its press release that its latest war chest will enable it to finance its expansion initiatives, create more innovative product offerings and double its employee base to 40.
Seed CX cryptocurrency exchange which offers institutional clients spot, derivative trading and settlement via its swap execution facility regulated by the Commodity Futures Trading Commission (CFTC), is looking to strengthen its workforce in the operations, market surveillance, and technology departments.
The firm which now has a total of $25 million, in December 2017 received a strategic investment from Bittrex, the 25th largest cryptoassets exchange in the world.
Seed’s cordial business relationship with Bittrex exchange, coupled with its highly efficient settlement banking system, allows it leverage the exchange’s virtual currency wallet infrastructure to offer clients margin trading and settlement mechanisms for both physical and derivatives products alike.
Even with the current slump in the price of bitcoin and the altcoins, blockchain-based cryptocurrencies remain hot cake for cybercriminals and one of the biggest challenges crypto big whales have is safeguarding their digital assets.
Seed CX claims to offer institutional investors highly secure cryptoassets custodial services.
Edward Woodford, co-founder, and CEO of Seed CX reiterated that the platform’s fully regulated and licensed nature enables it to offer clients “the operational risk safeguards, strong institutional technology, operational support, and regulatory compliance that institutions demand.”
Investors Buying the Dip Despite Market Slump
Of a truth, 2018 has seen the entire cryptocurrency markets lose a large chunk of 2017’s gains, big-time investors and diehard hodlers, however, seem unperturbed by the unending bloodbath.
On August 3, 2018, the parent firm of the New York Stock Exchange, ICE partnered with Starbucks and Microsoft, to launch Bakkt cryptocurrency exchange.
In related news, on August 17, 2018, Blockchain Reporter informed that SFOX, a Los Angeles-based cryptocurrency exchange had raised $22.7 million in its first funding round backed by Y Combinator, Khosla Ventures, Blockchain Capital and other highly reputed firms.