Seed CX gets BitLicense from NYDFS
- 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.
Author
Tanya Abrosimova
Independent Analyst
