Crypto Exchange Seed CX Raises $15M USD In Series B Funding Round

Investing, News | September 13, 2018 By:

Cryptocurrency exchange Seed CX has raised $15 million in a Series B funding round, bringing the company’s total funding to date to over $25 million. The round was led by Bain Capital Ventures.

Seed CX claims to be the first licensed crypto exchange to offer institutional trading and settlement for both spot market and derivatives regulated by the Commodity Futures Trading Commission. It provides institutional investors and professional traders with the market structure and technology they need to confidently add cryptocurrencies to their portfolios and investment strategies. It has a pending BitLicense with the New York Department of Financial Services (NYDFS) and a pending broker/dealer registration with Financial Industry Regulatory Authority (FINRA).

The latest funding will be used to expand its physical trading infrastructure, broaden its network of institutional trading groups, and hire more employees.

“The growth of digital assets as an asset class will be based on the adoption of institutional investors and professional traders, who require a trading experience that is on par with that of other instruments, such as equities and commodities,” said Edward Woodford, Seed CX’s co-founder and CEO. “As a licensed exchange for both spot and derivatives trading, we deliver the operational risk safeguards, strong institutional technology, operational support, and regulatory compliance that institutions demand. What is particularly exciting is that our unique offering brings large institutional traders, who have so far sat on the sidelines, into the crypto space for the first time.”

“Institutions are seeking regulated, secure, and reliable crypto venues with diverse products that allow them to earn strong returns,” said Salil Deshpande, Managing Director at Bain Capital Ventures. “Today, trading venues are retail focused, limited to spot trading, often unregulated, and in foreign jurisdictions. The lack of institutional exchanges is the single largest barrier to crypto asset class growth. Seed CX is serving this unmet need of institutions and has assembled an outstanding team of executives to support this vision.”