Cryptocurrency exchange Seed CX has netted $15m in its Series B round which was led by Bain Capital Ventures.
This new line of funding brings the company’s total equity raised to more than $25m.
Chicago-based Seed CX is a digital currency exchange platform which supports both institutional trading and settlement for both spot market and SFTC-regulated derivatives.
The institutional trading platform provides connectivity and multiple trading desks, and offers access to a range of cryptos and fiat products. Its technology is able to integrate with existing institutional order management systems and easy market monitoring.
Seed CX also offers risk management and operation tools of trade surveillance, segregated trader accounts, audit trails, and circuit breakers.
Its settlement and custody services enable the physical settlement for a variety of fiat and digital assets.
This equity injection will be used to expand its physical trading infrastructure, deepen its network of trading groups, and double the size of its team to around 40 staff. New hires to the company will predominantly be in its operations, market surveillance and technology teams.
Bain Capital Ventures managing director Salil Deshpande said, “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.”
Earlier in the year, the firm invested into international payment solution Flywire during its $100m Series D round.
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