Zero Hash supports spot settlement of fiat and digital assets and will be launching support for derivative contracts in the coming months.
Seed CX, an institutional trading and settlement infrastructure for digital assets, has partnered with TradAir to offer the over-the-counter (OTC) trade settlement services recently launched by Seed CX’s subsidiary, Zero Hash.
As TradAir is in the business of offering trading solutions for banks, brokers, prime of primes and regulated marketplaces looking to access, create, distribute and hedge unique liquidity streams via GUI and API interfaces, the new partnership will allow TradAir customers to use Zero Hash as the settlement entity for post-trade.
Zero Hash allows firms to enable frictionless settlement of both digital asset and fiat trades, widen the number of counterparties with whom they can trade and streamline reconciliation, reporting, and asset movements. SeedCX has recently launched its suite of OTC settlement services for digital assets through its fiat currency custodian subsidiary, Zero Hash.
Ayal Jedeikin, founder and Chief Executive Officer of TradAir, commented:
“We know how important efficient trade processing is for our clients, which is why we’re so excited to work together with Zero Hash to provide the best possible trading experience for their customers. The integration with Zero Hash provides clients a complete electronic solution, from price discovery to post-trade processing of digital asset that institutional investors require.”
Brian Liston, Seed CX co-founder and President of Zero Hash, said:
“We’ve worked in tandem to build a unique partnership between TradAir and Seed CX – integrating our technologies to bring one seamless experience for shared customers. The result enables traders to create a single-dealer platform using TradAir’s technology, and easily settle trades executed on the platform using Zero Hash’s post-trade infrastructure – leveraging all of the benefits of our settlement-as-a-service offering.”
TradAir has also recently partnered with Broctagon NEXUS, a liquidity provider specializing in crypto aggregation, to deliver FX-style, deep multilateral ECN liquidity for cryptocurrencies and open up new trading platforms for NEXUS users.
Seed CX has gone live with its licensed exchange services for institutional trading and settlement of spot digital asset products earlier this year. The company successfully raised $15 million from Bain Capital Investors in September 2018. The funding will be used to expand Seed CX’s physical trading infrastructure, broaden its network of institutional trading groups, and more than double its team to close to 40 people.
In regard to a recent forecast that the finance industry blockchain market may reach $462 billion by 2030, Seed CX’s Brian Liston told The Industry Spread how positive their experience with regulators has been.
“Ultimately, they are interested in learning about emerging technologies and their corresponding business lines, and how they fit into existing regulatory regimes. For example, distributed ledger technology is orthogonal to the idea of a centralized clearing. To fully remove a CCP’s position in a market would be a huge leap – but there are a lot of settlement flows, accounting and transfer mechanics that should be replaced with blockchain technology, and those can fit within existing CCP rules nicely”, Liston said.
