Chicago Exchange Seed CX Starts Trading Bitcoins

US Crypto Exchange Launches Spot Trading for Institutional Investors

Chicago Exchange Seed CX Starts Trading Bitcoins

Chicago-based startup exchange Seed CX on Wednesday began offering large investors the opportunity to trade bitcoins on its spot market..

In 2015 the company raised $ 25 million and began providing licensed institutional trading and settlement services. By adding Bitcoin to its regulated platform, the project has taken a huge step towards attracting large players to the crypto industry. So far BTC will trade only against the dollar, but in February it is planned to add pairs with ether (ETH), litecoin (LTC), bitcoin cash (BCH), as well as fiat euro and Japanese yen.

After approval by the US Commodity Futures Trading Commission, cryptocurrency derivatives will be added to the list of platform instruments. Those interested can access the market using a web API, user interface or financial information exchange protocol.

Chicago Exchange Seed CX Starts Trading Bitcoins

According to the Seed CX management, they started working with virtual currencies in test mode a few months ago, but now they have gathered a whole group of clients who want to use Bitcoin to reduce their operational risks. They also say that the bear market has only increased the influx due to low prices for crypto assets..

To reduce risks, the exchange will offer minimal changes in prices and contract sizes compared to retail platforms, as well as put forward more stringent requirements for participants. Additionally, clients will be able to display non-traditional assets, such as digital ones, as collateral. To avoid conflicts, the exchange banned employees from trading cryptocurrency.

Another crypto platform Bakkt decided not to waste time while waiting for the CFTC decision and started hiring staff.

text: Ivan Malichenko, photo: byrich