Seed CX Acquires further $15m in Funding For Trading Platform
Chicago Business has reported on Seed CX raising a further $15 million in funding for its cryptocurrency trading platform for institutional investors. Investment came from companies such as OK Coin, Divergence Digital and Bain Capital Ventures as well as more showing an interest for a platform aimed at institutions. Many institutions show an appetite to buy Bitcoin but lack assurance in the infrastructure.
Seed CX is addressing the concerns of institutional investors with its purpose-built trading platform. This platform will provide the technological infrastructure needed for institutions to provide market safeguards and a dedicated support team.
Seed CX plans to introduce a Commodity Futures Trading Commission-regulated derivatives market which will further appeal to institutional investors. An institution could use this market to invest in Bitcoin without buying Bitcoin itself, unlike many other investors who may have had to buy Bitcoin to gain exposure increasing their risk.
The company has applied for various licences to conduct their business operations. Seed CX currently holds Swap Execution Facility (CFTC), Introducing Broker (NFA), Money Services Business (FinCEN) and Money Transmitter licence allowing a diverse choice of services. The company also has a pending BitLicense with the New York Department of Financial Services (NYDFS). This allows any business to operate virtual currency services from within or to the state of New York.
Addressing current concerns of institutions is positive movement for Seed CX as much investment is withheld due to uncertainty. The infrastructure of the system and protection of funds should usher in institutional investment to the platform.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
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