• The subsidiaries of the exchange obtained licenses from the New York regulator.
  • The company plans to get the license from CFTC to trade non-deliverable bitcoin futures.

The New-York Department of the Financial Services (NYDFS) granted two licenses for dealing with virtual currencies (BitLicense). The permissions were obtained by Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC. Both companies are subsidiaries of crypto derivatives provider Seed CX focused on institutional investors.

 "DFS Grants Licenses to Seed CX Companies to Provide Virtual Currency Services for Institutional Customers," the authority said on Twitter.

 It is worth noting that Zero Hash LLC also obtained a license of a money transmitter that allows the company to work with large financial companies in partnership with SCXM.

“Being granted two virtual currency licenses by the New York Department of Financial Services marks the next step in our growth to becoming the leader in institutional trading of digital assets,” Seed CX CEO Edward Woodford commented.

Now the company will be able to expand its services to New York companies.

What is Seed CX 

Seed CX is an institutional platform for digital trading assets. The users of the platform can trade on a fully regulated platform via FIX protocol, GUI and Web-API. The exchange also offers leveraged instruments and institutional-grade custody through its encryption and private key storage system.

Seed CX plans to obtain CFTC license for non-deliverable bitcoin-futures and thus to compete with Bakkt, ErisX, LedgerX and trueDigital.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin price analysis: BTC/USD jumps on US-China trade war escalation

Bitcoin (BTC) has built up a strong upside momentum during early Asian hours on Monday. The first digital coin has recovered from $9,900 and hit $10,665 high in a matter of hours amid strong bullish sentiments and growing trading volumes.

More Bitcoin News

Cryptocurrency market update: IOTA and Ethereum Classic fly the bullish flag high

The cryptocurrency market has a blend of both red and green signals. The largest cryptocurrency Bitcoin is back above $10,100 after recovering from Saturday’s dip below $10,000. While trading at $10,160, the bulls have eyes on $10,200 in the short-term.

More Cryptocurrencies News

ETH/USD recovers from Sunday's lows, upside momentum fades away

A move above $195.80 is needed to mitigate the bearish pressure. The significant support is created by a confluence of technical indicators below $186.00.

More Ethereum News

Ripple technical analysis: XRP/USD sustained uptrend hints breakout above $0.3

Ripple price is lethargic under $0.28 short-term hurdle but $0.27 is a credible support area in the short-term. Despite the visible declines in the short timeframe charts, XRP/USD has sustained an uptrend from August lows close to $0.24.

More Ripple News


Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast