Bain Capital, a global alternative investment firm based in Boston, recently led a $15 million Series B for Seed CX, a startup cryptocurrency exchange that offers institutional trading and settlement for both spot market and CFTC-regulated derivatives.
According to the official announcement, Seed CX will use the new capital to expand its physical trading infrastructure, grow its list of institutional clients and increase its employee number to 40.
Currently, Seed CX offers a number of features focused on institutional investors, including multiple trading desks, direct fiat-to-crypto markets and a number of risk management services. The exchange also offers a system of physical settlement and custody.
In a statement accompanying the announcement, Salil Deshpande, managing director at Bain Capital Ventures, emphasized the importance of Seed CX’s focus on institutional investors as compared to retail investors.
Institutions are seeking regulated, secure, and reliable crypto venues with diverse products that allow them to earn strong returns. 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.
Seed CX has raised a total of $25 million to date and is currently pursuing a BitLicense with NYDFS and a Broker-Dealer registration with FINRA.
Photo: Marco Verch / Flickr
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.