Cryptocurrencies have become one of the widely discussed topics in the world. New stories related with cryptocurrencies are surfacing on daily basis. Yesterday, Seed CX announced to launch spot trading. Here, it is important to mention that Seed CX is a US crypto exchange. It started operations from Chicago in 2015. The main objective behind its launch was to facilitate the institutional investors. The exchange provides initial market structure to the professional traders and investors.
The exchange has announced to launch spot trading for its institutional investors through an official press release yesterday. Spot trading means purchasing or selling currencies, financial instruments, or commodities at the spot. It means the investors will enjoy the immediate delivery of assets. The exchange will establish smart contracts with investors.
The exchange has also introduced various pairs for this spot trading. In the beginning, it is offering BTC to US Dollar pair for spot trading. The official sources have also confirmed that the exchange will also offer many other pairs for spot trading. The exchange plans to launch Ethereum, Litecoin, and Bitcoin Cash pairs in the end of January. Not only this, Seed CX is also planning to offer many other fiat currency pairs. Euro and Japanese Yen will be the top in the list. The exchange will offer these pairs in the first quarter of 2019.
The main objective behind all these offerings is to facilitate as many customers as possible. At present, the exchange has total funding amount of $25.1 million. It ranks 2128 in CB ranking. The exchange has also announced to offer a market for digital asset derivatives. US Commodities and Futures Trading Commission will regulate this market. This means that investors and traders will be able to trade their assets without fear of losing funds.
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Seed CX claims that it will adopt a zero fee model. This means that the investors and traders will be free to deposit or withdraw their funds with zero fees. Consequently, withdrawal and deposit of both fiat and digital currencies will be free. The experts are of the view that this zero fee transactions will attract many new investors to the exchange. Also, the confidence of the existing investors in the exchange will also increase. All the other exchanges charge fee for transactions.
The exchange assures its customers that it will keep all their dollar deposits in the regulated US banks. Therefore, Federal Deposit Insurance Corporation will protect these funds. Edward Woodford, the CEO and Co-founder of the exchange claims to receive positive feedback from customers. He says that the exchange expects more institutional investors to join the company. This is because; none of other US crypto exchanges offer this innovative feature.
It is important to mention that Seed CX has already launched a digital wallet. This digital wallet solution will provide on-chain settlement of transactions to institutional investors. The exchange has launched this project in collaboration with Zero Hash. Zero Hash is a calculation and settlement agent for digital assets. Currently, it is operating in almost 25 US states. It also provides the facility of on-chain settlement of both crypto and fiat currencies.
FinSEN has approved its operations as a money transmitter in these states. Thus, we can hope that this new digital wallet solution will attract the customers of both Seed CX and Zero Hash. The launch of this digital wallet will bring a revolution in the crypto trading in many US states. Moreover, the launch of spot trading by Seed CX seems quite surprising amid the current tumult in the cryptocurrency world.
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