Chicago-based, licensed crypto exchange Seed CX has launched spot trading for institutional investors, according to an official press release published on Wednesday, Jan. 23.
Spot trading is the purchase or sale of a currency, financial instrument or commodity for immediate delivery. Spot contracts can include the physical delivery of the the instrument, commodity or currency.
Per the announcement, Seed CX has introduced spot trading for the Bitcoin (BTC) to U.S. dollar pair, while Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) pairs will be added later this month. Furthermore, Seed CX is planning to expand its fiat pairs to the euro and Japanese yen later in Q1 2019.
Additionally, the company announced it will offer a market for digital asset derivatives regulated by the United States Commodities and Futures Trading Commission (CFTC).
The U.S. exchange also claims to use a model with zero fees to deposit and withdraw fiat or digital assets. All dollar deposits are reportedly held in regulated U.S. banks and protected by the Federal Deposit Insurance Corporation.
Edward Woodford, co-founder and CEO of Seed CX, claims that the exchange has already received positive feedback on the feature from its customers and expects to attract institutional investment.
Earlier this month Seed CX launched a digital asset wallet solution with on-chain settlement for institutional investors. The project was developed together with its settlement subsidiary, Zero Hash – a crypto and fiat currency custodian providing on-chain settlement services that reportedly has FinCEN’s regulatory approval to operate as a money transmitter in 25 states.