Seed CX

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Seed CX
Seedcx.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 to be a swap execution facility 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] The CFTC declared Seed SEF dormant as of September 1, 2019, after the SEF had never operated.[3]

One year later, in August 2017, Seed announced that it had sold its unregistered futures division to Dough, one of the original investors in Seed CX. Dough's CEO is Tom Sosnoff, one of the founders of thinkorswim, an options trading platform acquired by TD Ameritrade.[4]

Seed announced on December 20, 2017, that it had sold a controlling stake to Bittrex, a major cryptocurrency exchange based in Seattle, Washington.[5] Bittrex's CEO Bill Shihara joined the Seed board of directors.[6] 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. Shihara left the board of directors.

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.[7][8]


Overview

Seed CX is a platform for cryptocurrency trading. Seed CX supports crypto-to-USD trades.[9]

The platform launched in Q1 of 2019 with USD-trading pairs for bitcoin and other cryptocurrencies, including Bitcoin Cash, Ether, and Litecoin.[10]

In December 2018, CoinDesk, an online news publication focused on cryptocurrencies, wrote that Seed CX employees may not trade cryptocurrencies in order to foster trust among institutions that Seed CX employees do not engage in insider trading for the crypto market, since they potentially have that ability as employees of a swap execution facility.[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]

Key People

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

References

  1. A Cannabis Futures Market? Seed CX Aims to Pave the Way for Hemp. Finance Magnates.
  2. Regulators Approve Hemp Derivatives Exchange. Wall Street Journal.
  3. Swap Execution Facilities. Commodity Futures Trading Commission.
  4. Dough buys fintech startup Seed Futures. Crian's Chicago Business.
  5. For this firm, bitcoin is more attractive than weed. Crain's Chicago Business.
  6. Bittrex Inc. takes controlling strategic stake in Seed opening new trading opportunities for Institutional Crypto Trading. Globe Newswire.
  7. Seed CX gets $15 million more in funding. Crain's Chicago Business.
  8. Seed CX Raises $15 Million in Series B Funding Round. GlobenNewsWire.
  9. The institutional platform for trading digital assets. Seed CX.
  10. [https:https://www.theblockcrypto.com/daily/8320/crypto-exchange-seed-cx-aims-to-lure-wall-street-by-undercutting-its-behemoth-rivals Crypto exchange Seed CX aims to lure Wall Street by undercutting its behemoth rivals]. The Block Crypto.
  11. SeedCX Exchange Is Barring Employees from Crypto Trading. Coindesk.
  12. Seed CX Launches New Wallet Features for Institutional Clients. Coindesk.
  13. Seed CX Launches On-Chain Settlement Network for OTC Digital Asset Transactions via Zero Hash Subsidiary. Globenewswire.
  14. Seed CX Launches On-Chain Settlement Network for OTC Digital Asset Transactions via Zero Hash Subsidiary. Globenewswire.