Institution-Oriented Crypto Exchange, Seed CX, Gets Asian Exposure with Hydra X’s Sigma Partnership
Seed CX is based in Chicago, offering services as a cryptocurrency exchange. Having been backed by Bain Capital last year, the company has been looking to expand. In a partnership with Singapore-based trading tech provider Hydra X, they are finally able to reach an entirely new market in Asia.
The announcement that Seed CX will now be offering services in Asia was released on Thursday, though this new option is not going to rely on Seed CX alone. Instead, the platform will be integrated into the Sigma trading platform of Hydra X, but the collaboration is presently in the beta stage. After the integration, the users on the Seed CX platform will have access to crypto asset prices and can both trade and monitor their portfolios. They will also have access to a fiat-crypto gateway.
Hydra X CEO Daryl Low commented that partnership will be helpful in broadening their user base to include institutional traders that want “regulated and secure access” to cryptocurrencies. The company added that it will work to provide a market for crypto derivatives through Seed SEF that is completely regulated by the Commodity Futures Trading Commission (CFTC). Seed SEF is a subsidiary of Seed CX.
In September last year, Seed CX hosted a Series B funding round, led by Bain Capital Ventures, which brought in $15 million. At the time, the added funding brought the valuation of the exchange to $25 million.
In January this year, the company launched a regulated bitcoin spot trading market with “a deep book of liquidity.” The co-founder and CEO Edward Woodford proclaimed that the new opportunity allowed them to offer “truly institutional” support to investors.
Another one of Seed CX’s subsidiaries, Zero Hash, launched a wallet option for consumers in January. The FinCEN-regulated entity, located in the United States, established the service as a way to improve security and transparency amongst customers.
To ensure that there is no conflict of interest or potential for manipulation on their exchange, Seed CX prohibits any of their employees from trading in cryptocurrency.