Difference between revisions of "Seed CX"

From CryptoMarketsWiki
Jump to: navigation, search
 
Line 17: Line 17:
 
}}
 
}}
  
Seed CX is a [[cryptocurrency]] [[swap execution facility]] regulated by several regulatory bodies, including the [[U.S. Commodity Futures Trading Commission]] (CFTC) and the [http://www.marketswiki.com/wiki/NFA National Futures Association (NFA)].  
+
Seed CX is a [[cryptocurrency trading platform]]. It operates a spot trading platform as well as Zero Hedge, a settlement subsidiary.  
  
 
==Background==
 
==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.<ref>{{cite web|url=https://www.financemagnates.com/institutional-forex/exchanges/a-cannabis-futures-market-seed-cx-aims-to-pave-the-way-for-hemp/|name=A Cannabis Futures Market? Seed CX Aims to Pave the Way for Hemp|org=Finance Magnates|date=December 5, 2015}}</ref> Seed SEF was registered by the CFTC on August 23, 2016, as a swap execution facility.<ref>{{cite web|url=https://www.wsj.com/articles/regulators-approve-hemp-derivatives-exchange-1472056617|name=Regulators Approve Hemp Derivatives Exchange|org=Wall Street Journal|date=December 5, 2018}}</ref>  
 
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.<ref>{{cite web|url=https://www.financemagnates.com/institutional-forex/exchanges/a-cannabis-futures-market-seed-cx-aims-to-pave-the-way-for-hemp/|name=A Cannabis Futures Market? Seed CX Aims to Pave the Way for Hemp|org=Finance Magnates|date=December 5, 2015}}</ref> Seed SEF was registered by the CFTC on August 23, 2016, as a swap execution facility.<ref>{{cite web|url=https://www.wsj.com/articles/regulators-approve-hemp-derivatives-exchange-1472056617|name=Regulators Approve Hemp Derivatives Exchange|org=Wall Street Journal|date=December 5, 2018}}</ref>  
  
One year later, in August 2017, Seed announced that it had sold its futures division to Dough, one of the original investors in Seed CX. Dough's CEO is [http://www.marketswiki.com/wiki/Tom_Sosnoff Tom Sosnoff], one of the founders of [http://www.marketswiki.com/wiki/Thinkorswim thinkorswim], an options trading [[platform]] acquired by TD Ameritrade. <ref>{{cite web|url=https://www.chicagobusiness.com/article/20170809/NEWS01/170809842/chicago-trading-media-company-dough-buys-seed-futures|name=Dough buys fintech startup Seed Futures|org=Crian's Chicago Business|date=December 5, 2018}}</ref>     
+
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 [http://www.marketswiki.com/wiki/Tom_Sosnoff Tom Sosnoff], a founder of [http://www.marketswiki.com/wiki/Thinkorswim thinkorswim], an options trading [[platform]] acquired by TD Ameritrade. <ref>{{cite web|url=https://www.chicagobusiness.com/article/20170809/NEWS01/170809842/chicago-trading-media-company-dough-buys-seed-futures|name=Dough buys fintech startup Seed Futures|org=Crian's Chicago Business|date=December 5, 2018}}</ref>     
  
Seed announced on December 20, 2017, that it had sold a controlling stake to [[Bittrex]], a major cryptocurrency [[exchange]] based in Seattle, Washington.<ref>{{cite web|url=https://www.chicagobusiness.com/article/20171220/NEWS01/171229986/cryptocurrency-platform-bittrex-buys-majority-stake-in-seed-cx|name=For this firm, bitcoin is more attractive than weed|org=Crain's Chicago Business|date=December 5, 2018}}</ref> Bittrex's CEO Bill Shihara joined the Seed board of directors.<ref>{{cite web|url=https://globenewswire.com/news-release/2017/12/20/1266873/0/en/Bittrex-Inc-takes-controlling-strategic-stake-in-Seed-opening-new-trading-opportunities-for-Institutional-Crypto-Trading.html|name=Bittrex Inc. takes controlling strategic stake in Seed opening new trading opportunities for Institutional Crypto Trading|org=Globe Newswire|date=December 5, 2018}}</ref> 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.
+
Seed CX announced on December 20, 2017, that it had sold a controlling stake to [[Bittrex]], a major cryptocurrency [[exchange]] based in Seattle, Washington.<ref>{{cite web|url=https://www.chicagobusiness.com/article/20171220/NEWS01/171229986/cryptocurrency-platform-bittrex-buys-majority-stake-in-seed-cx|name=For this firm, bitcoin is more attractive than weed|org=Crain's Chicago Business|date=December 5, 2018}}</ref> Bittrex's CEO Bill Shihara joined the Seed board of directors.<ref>{{cite web|url=https://globenewswire.com/news-release/2017/12/20/1266873/0/en/Bittrex-Inc-takes-controlling-strategic-stake-in-Seed-opening-new-trading-opportunities-for-Institutional-Crypto-Trading.html|name=Bittrex Inc. takes controlling strategic stake in Seed opening new trading opportunities for Institutional Crypto Trading|org=Globe Newswire|date=December 5, 2018}}</ref> 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]].<ref>{{cite web|url=https://www.chicagobusiness.com/finance-banking/seed-cx-gets-15-million-more-funding|name=Seed CX gets $15 million more in funding|org=Crain's Chicago Business|date=December 5, 2018}}</ref><ref>{{cite web|url=https://globenewswire.com/news-release/2018/09/12/1569796/0/en/Seed-CX-Raises-15-Million-in-Series-B-Funding-Round.html|name=Seed CX Raises $15 Million in Series B Funding Round|org=GlobenNewsWire|date=December 5, 2018}}</ref>
 
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]].<ref>{{cite web|url=https://www.chicagobusiness.com/finance-banking/seed-cx-gets-15-million-more-funding|name=Seed CX gets $15 million more in funding|org=Crain's Chicago Business|date=December 5, 2018}}</ref><ref>{{cite web|url=https://globenewswire.com/news-release/2018/09/12/1569796/0/en/Seed-CX-Raises-15-Million-in-Series-B-Funding-Round.html|name=Seed CX Raises $15 Million in Series B Funding Round|org=GlobenNewsWire|date=December 5, 2018}}</ref>
 
On November 29, 2018, Seed CX announced it was connecting QCP Capital, a Singaporean bitcoin trading firm, to Seed's trading platform.<ref>{{cite web|url=https://www.financemagnates.com/cryptocurrency/news/qcp-capital-connects-to-seed-cx-trading-platform/|name=QCP Capital Connects to Seed CX Trading Platform|org=Finance Magnates|date=December 5, 2018}}</ref>
 
 
Edward Woodford said in an interview with Markets Media in December 2018 that it would launch trading in [[bitcoin]] and other cryptocurrencies in the first quarter of 2019. He said the contracts will be [http://www.marketswiki.com/wiki/Physically_settled physically settled] and can be margined.<ref>{{cite web|url=https://www.marketsmedia.com/seed-cx-eyes-crypto-derivatives/|name=Seed CX Eyes Crypto Derivatives|org=Markets Media|date=December 5, 2018}}</ref>
 
  
 
== Overview ==
 
== Overview ==
  
Seed CX is an institutional platform for cryptocurrency trading. The company plans to support fiat-crypto trading pairs for the U.S. dollar (USD), the British pound (GBP), the euro (EUR), and the Japanese yen (JPY). Currently, Seed CX only supports crypto-to-USD trades. Seed CX's infrastructure includes market surveillance measures.<ref>{{cite web|url=https://seedcx.com/|name=The institutional platform for trading digital assets|org=Seed CX|date=December 10, 2018}}</ref>  
+
Seed CX is a [[cryptocurrency trading platform]]. The company supports fiat-crypto trading pairs for the U.S. dollar (USD), the British pound (GBP), the euro (EUR), and the Japanese yen (JPY). Seed CX's infrastructure includes market surveillance measures.<ref>{{cite web|url=https://seedcx.com/|name=Website|org=Seed CX|date=December 10, 2018}}</ref>  
  
The platform is expected to go live in Q1 of 2019, launching with USD-trading pairs for [[bitcoin]] and other cryptocurrencies, including [[Bitcoin Cash]], [[Ether]], and [[Litecoin]] pending regulatory approval.<ref>{{cite web|url=https://www.marketsmedia.com/seed-cx-eyes-crypto-derivatives/|name=Seed CX Eyes Crypto Derivatives|org=Markets Media|date=December 10, 2018}}</ref>
+
The platform went live in Q1 of 2019, launching with USD-trading pairs for [[bitcoin]], and later added [[Bitcoin Cash]], [[Ether]], and [[Litecoin]].<ref>{{cite web|url=https://www.marketsmedia.com/seed-cx-eyes-crypto-derivatives/|name=Seed CX Eyes Crypto Derivatives|org=Markets Media|date=December 10, 2018}}</ref>
  
In December 2018, Coindesk published an article about a strict company policy restricting Seed CX employees from engaging in cryptocurrency trading. According to the article, Seed CX put this policy in place in 2017 in order to foster trust among institutions that Seed CX employees do not engage in what might be considered [http://www.marketswiki.com/wiki/Insider_trading insider trading] for the crypto market, since they potentially have that ability as employees of a swap execution facility.<ref>{{cite web|url=https://www.coindesk.com/crypto-exchange-seedcx-is-barring-employees-from-crypto-trading|name=SeedCX Exchange Is Barring Employees from Crypto Trading|org=Coindesk|date=December 14, 2018}}</ref>
+
In December 2018, Coindesk published an article about a company policy restricting Seed CX employees from engaging in cryptocurrency trading. According to the article, Seed CX put this policy in place in 2017 in order to foster trust among institutions that Seed CX employees do not engage in what might be considered [http://www.marketswiki.com/wiki/Insider_trading insider trading] for the crypto market, since they potentially have that ability as employees of a swap execution facility.<ref>{{cite web|url=https://www.coindesk.com/crypto-exchange-seedcx-is-barring-employees-from-crypto-trading|name=SeedCX Exchange Is Barring Employees from Crypto Trading|org=Coindesk|date=December 14, 2018}}</ref>
  
 
In March 2019, Seed CX announced that it had entered into a business partnership with Singapore-based [[fintech]] firm Hydra X. According to the announcement, Seed planned to integrate its platform into Hydra X's Sigma, a trading platform that was in beta at the time of the announcement.<ref>{{cite web|url=https://www.coindesk.com/bain-backed-crypto-exchange-seed-cx-is-expanding-to-asia|name=Bain-Backed Crypto Exchange Seed CX Is Expanding to Asia|org=Coindesk|date=June 7, 2019}}</ref>
 
In March 2019, Seed CX announced that it had entered into a business partnership with Singapore-based [[fintech]] firm Hydra X. According to the announcement, Seed planned to integrate its platform into Hydra X's Sigma, a trading platform that was in beta at the time of the announcement.<ref>{{cite web|url=https://www.coindesk.com/bain-backed-crypto-exchange-seed-cx-is-expanding-to-asia|name=Bain-Backed Crypto Exchange Seed CX Is Expanding to Asia|org=Coindesk|date=June 7, 2019}}</ref>
Line 46: Line 42:
 
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 will offer [[on-chain]] settlement and each customer will have a unique wallet rather than use an omnibus wallet.<ref>{{cite web|url=https://www.coindesk.com/seed-cx-looks-to-boost-security-with-unique-customer-wallets|name=Seed CX Launches New Wallet Features for Institutional Clients|org=Coindesk|date=January 10, 2019}}</ref>
 
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 will offer [[on-chain]] settlement and each customer will have a unique wallet rather than use an omnibus wallet.<ref>{{cite web|url=https://www.coindesk.com/seed-cx-looks-to-boost-security-with-unique-customer-wallets|name=Seed CX Launches New Wallet Features for Institutional Clients|org=Coindesk|date=January 10, 2019}}</ref>
  
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.<ref>{{cite web|url=https://www.globenewswire.com/news-release/2019/03/26/1768421/0/en/Seed-CX-Launches-On-Chain-Settlement-Network-for-OTC-Digital-Asset-Transactions-via-Zero-Hash-Subsidiary.html|name=Seed CX Launches On-Chain Settlement Network for OTC Digital Asset Transactions via Zero Hash Subsidiary|org=Globenewswire|date=June 7, 2019}}</ref> 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.<ref>{{cite web|url=https://www.globenewswire.com/news-release/2019/05/08/1819520/0/en/TradAir-Integrates-into-Seed-CX-s-Settlement-Services-for-Digital-Asset-Transactions.html|name=Seed CX Launches On-Chain Settlement Network for OTC Digital Asset Transactions via Zero Hash Subsidiary|org=Globenewswire|date=June 7, 2019}}</ref>
+
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.<ref>{{cite web|url=https://www.globenewswire.com/news-release/2019/03/26/1768421/0/en/Seed-CX-Launches-On-Chain-Settlement-Network-for-OTC-Digital-Asset-Transactions-via-Zero-Hash-Subsidiary.html|name=Seed CX Launches On-Chain Settlement Network for OTC Digital Asset Transactions via Zero Hash Subsidiary|org=Globenewswire|date=June 7, 2019}}</ref> 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.<ref>{{cite web|url=https://www.globenewswire.com/news-release/2019/05/08/1819520/0/en/TradAir-Integrates-into-Seed-CX-s-Settlement-Services-for-Digital-Asset-Transactions.html|name=Seed CX Launches On-Chain Settlement Network for OTC Digital Asset Transactions via Zero Hash Subsidiary|org=Globenewswire|date=June 7, 2019}}</ref>  
 +
 
 +
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.<ref>{{cite web|url=https://www.coindesk.com/new-york-grants-bitlicense-to-institutional-crypto-exchange-seed-cx|name=New York Grants Bitlicense to Institutional Crypto Exchange Seed CX|org=CoinDesk|date=July 15, 2019}}</ref>   
  
 
== Key People ==
 
== Key People ==

Latest revision as of 15:12, 15 July 2019

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 Hedge, 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]

Overview

Seed CX is a cryptocurrency trading platform. The company supports fiat-crypto trading pairs for the U.S. dollar (USD), the British pound (GBP), the euro (EUR), and the Japanese yen (JPY). Seed CX's infrastructure includes market surveillance measures.[8]

The platform went live in Q1 of 2019, launching with USD-trading pairs for bitcoin, and later added Bitcoin Cash, Ether, and Litecoin.[9]

In December 2018, Coindesk published an article about a company policy restricting Seed CX employees from engaging in cryptocurrency trading. According to the article, Seed CX put this policy in place in 2017 in order to foster trust among institutions that Seed CX employees do not engage in what might be considered insider trading for the crypto market, since they potentially have that ability as employees of a swap execution facility.[10]

In March 2019, Seed CX announced that it had entered into a business partnership with Singapore-based fintech firm Hydra X. According to the announcement, Seed planned to integrate its platform into Hydra X's Sigma, a trading platform that was in beta at the time of the announcement.[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 will offer 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