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CHICAGO, March 26, 2019 (GLOBE NEWSWIRE) -- Zero Hash, Seed CX’s digital asset and fiat currency custodian subsidiary, today launched a suite of over-the-counter (OTC) trade settlement services for digital assets. The new Zero Hash settlement service allows firms to widen the number of counterparties with whom they can trade, streamlines reconciliation and reporting, and enables frictionless settlement of trades.
At launch, Zero Hash supports spot settlement of fiat and digital assets, and will be launching support for repo, forwards, and other product types in the coming months.
“We are proud to announce the launch of the Zero Hash settlement service,” said Brian Liston, Seed CX co-founder and President of Zero Hash. “OTC traders have been demanding a robust solution to settle trades efficiently, securely and under a transparent regulatory infrastructure. Custom built for institutional use, Zero Hash offers exactly that. It lets traders focus on what they do best: execution. We take care of the rest.”
The Zero Hash settlement service offers the following benefits and capabilities:
For institutional trading desks, Zero Hash is a provider, not a competitor – neither Zero Hash nor any of its affiliates operate an OTC desk or a trading desk of any kind. Further, Seed CX maintains a trading ban on digital assets for all employees in order to prevent any conflict of interest.
"The Zero Hash settlement system will enable CoinRoutes – a cloud-based, distributed algorithmic trading platform – to optimize our clients trading by directing matched orders to Zero Hash for settlement,” said David Weisberger, co-founder and CEO of CoinRoutes. “This will save our clients money by lowering fees and market impact. This is an exciting development for the industry and we look forward to leveraging it for our clients.”
“Zero Hash’s settlement service is in the process of being deployed to a variety of institutional customers including FX ECNs, traditional brokers, single-dealer platforms and OTC traders,” said Edward Woodford, co-founder and CEO of Seed CX. “We are excited to be a core backbone of institutional settlement for digital assets.”
About Seed CX
Seed CX is a Chicago-based licensed digital asset exchange, which, through its subsidiaries, offers a market for institutional trading and settlement of spot digital assets, and plans to offer a separate market for CFTC-regulated derivatives. Seed CX is backed by Bain Capital Ventures. Other investors include: trading firms CMT Digital, Queueco, Tetras Capital, BlueFire Capital; well-respected digital asset investing companies, including Divergence Digital Currency Fund, OKCoin USA, F2Pool, QCP Capital, Konza Ventures, Origin Capital and Dekrypt Capital; and investment bank XMS Capital. Seed CX’s Board is composed of co-founders Edward Woodford and Brian Liston, and lead Series A investor Adam B. Struck from Divergence Digital Currency Fund. Salil Deshpande from Bain Capital is on the Board as an Observer.
Zero Hash is a FinCen-regulated Money Service Business and Money Transmitter in over 30 States. Zero Hash custodies both fiat and digital assets, with on-chain settlement.
Seed SEF is a CFTC-regulated Swap Execution Facility (SEF) that plans to offer a market for CFTC-regulated digital asset derivatives.
Seed Digital Securities Market is applying for registration as a Broker Dealer with FINRA and an ATS with the SEC.
Media Contact: Hunter Stuart, firstname.lastname@example.org