Seed CX

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Seed CX
Seedcx resized.jpg
Founded 2015
Headquarters Chicago, Illinois, USA
Key People Edward Woodford, Co-Founder, CEO; Brian Liston, Co-Founder, COO
Employees 11-50
Products Cryptocurrency swap execution facility
Twitter @SeedCX
LinkedIn Profile
Website Seed CX Home

Seed CX is a cryptocurrency trading platform. It operates a spot trading platform as well as Zero Hash, a settlement subsidiary.

Background

Seed was launched with $3.4 million in financing in late 2015. It filed an application with the CFTC in February 2016 to trade swaps on industrial hemp.[1] Seed SEF was registered by the CFTC on August 23, 2016, as a swap execution facility.[2]

One year later, in August 2017, Seed CX announced that it had sold its futures division, which did not operate, to Dough, one of the original investors in Seed CX. Dough's CEO is Tom Sosnoff, a founder of thinkorswim, an options trading platform acquired by TD Ameritrade. [3]

Seed CX announced on December 20, 2017, that it had sold a controlling stake to Bittrex, a major cryptocurrency exchange based in Seattle, Washington.[4] Bittrex's CEO Bill Shihara joined the Seed board of directors.[5] Seed CX CEO Edward Woodford told John Lothian News that as of mid-2018, Bittrex no longer had any ownership in the company, which was also confirmed by representatives from Bittrex.

Not yet having launched trading, Seed announced on September 12, 2018, that it closed a Series B funding of $15 million in a round led by Bain Ventures and including OKCoin, the U.S. affiliate of Hong Kong-based OKEx, as well as CMT Digital.[6][7]

Seed SEF, which had never operated, was declared dormant by the CFTC on September 1, 2019.[8]

Overview

Seed CX is a cryptocurrency trading platform. The company supports fiat-crypto trading pairs for the U.S. dollar (USD). Seed CX's infrastructure includes market surveillance.[9]

The platform went live in Q1 of 2019, launching with USD-trading pairs for bitcoin, and later added Bitcoin Cash, Ether, and Litecoin.[10]

In December 2018, Coindesk wrote that Seed CX employees may not from engage in cryptocurrency trading. According to the article, Seed CX put this policy in place to foster trust among institutions that Seed CX employees do not engage in insider trading.[11]

Products and Services

Seed CX announced in January 2019 that it would offer a new wallet designed to add security and transparency for its customers. The new wallet offers on-chain settlement and each customer will have a unique wallet rather than use an omnibus wallet.[12]

In March 2019, Seed announced that Zero Hash, a subsidiary of the company that offers digital asset and fiat currency custody services, launched blockchain-based OTC trade settlement services for digital assets.[13] Seed announced two months later that it had entered into a partnership with TradAir, a fintech developer specializing in creating trading software for banks, brokers, and other institutional traders, in order to improve the settlement capabilities of Zero Hash.[14]

The New York State Department of Financial Services granted Seed CX "bitlicenses" for its spot trading platform and for Zero Hedge on July 15, 2019.[15]

Key People

  • Edward Woodford - Co-Founder, CEO
  • Brian Liston - Co-Founder, COO

References