Seed CX reported the opening of a spot cryptocurrency market for institutional investors, as reported by the CoinDesk news agency.
On Wednesday, January 23rd, Seed CX, a Chicago-based startup, reported on the launch of the cryptocurrency spot tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details market. The company introduced to its users a regulated platform with the application of a "deep book of liquidity".
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Cryptocurrencies on the Seed CX
According to the company's press release, exchange customers can access the new market through a web API, graphical user interface, or Financial Information eXchange (FIX) protocol.
Now, on the spot market, Seed CX offers licensed exchange for institutional trading and settlements. Soon, the exchange will also offer trading in crypto-coins, regulated by the Commodity Futures Trading Commission (CFTC).
"We offer truly institutional support. We have already begun work (...) at the start, the exchange will offer a Bitcoin/US dollar trading pair (...) We plan to add dollar pairs for Ether and Litecoin by the end of the month (...) In February, we will offer more trading pairs, therefore we will add euro and Japanese yen" – Co-founder and CEO of Seed CX Edward Woodford.
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As part of the risk reduction effort, the exchange plans to help investors with margin trading, and will also use "larger tick" (minimum price change) and control the size of contracts. In this case, as it was reported in a press release, all deposits in US dollars will be stored in regulated banks with the insurance of the Federal Deposit Insurance Corporation (FDIC). Cryptocurrencies that are not withdrawn from the exchange will be stored in the infrastructure of the Seed CX wallets.
Seed CX has announced the creation of a spot market for cryptocurrency. Recall that a subsidiary of the exchange, Zero HashHash
(hashing) – a cryptographic term that means changing the input data of different sizes into the original data of a clearly defined size, using a special mathematical algorithm.Details, was recently registered on the Financial Services Network (MSC) and continues to work actively in 30 states of America.
Editor: Yuliya Soroka