Crypto Derivatives Platform, Seed CX has announced that its cryptocurrency trading exchange will be closed from June 13 to focus exclusively on settlements. CEO Edward Woodford said the company is trying to close another round of funding.
12 June, 2020 | AtoZ Markets – Seed CX is an institutional infrastructure for digital assets. It offers spot and derivatives digital assets trading and settlement. It stated in its website, “Purpose-built for institutions, Seed CX provides the operational excellence, market safeguards, technology infrastructure and dedicated support required to trade and confidently hold digital assets.”
According to the announcement, Seed CX will close its crypto exchange. Today is the last trading day of Seed Digital Commodities Market (SCXM). Its CEO Edward Woodford said, “As a start-up, you inherently gravitate towards opportunity, and that often leads you to take on more, rather than less. However, it is equally important to begin to refine the business focus. Certain opportunities develop into a “real venture growth business”.
Seed CX Intends to Focus on Zero Hash
Seed CX stated Zero Hash is currently responsible for 95% of the company’s revenue. So, Seed CX intends to focus on its crypto transaction settlement subsidiary, Zero Hash. The settlement subsidiary started offering the back-office settlement function for bitcoin (BTC) forwards contracts in September 2019. Woodford also said:
“We begin to look beyond just profitability (we are on course for profitability in 2020), to realizing our ambition of becoming the leading digital asset settlement infrastructure. We have to become more focused. Moreover, we are on course to profitability, well-capitalized. We will announce an additional round of fundraising this month, with investors including Bain Capital. We have settled close to a billion dollars notional in the past months and look forward to continuing to scale this with clients including some of the biggest payment providers such as Moonpay and traditional financial firms including TradeStation.”
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