Seed CX is expanding the reach of its crypto settlement solution, dubbed ‘Zero Hash,’ which has registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) as a digital currency exchange provider.
The move will allow Zero Hash to participate in Australia’s fast-growing digital assets ecosystem by operating crypto native services under full regulatory supervision. According to the relevant AUSTRAC regulations, the Chicago-based provider of custody and settlement infrastructure can provide the following services after registration: money (Australian or foreign currency) for digital currency, digital currency for money (Australian or foreign currency).
Zero Hash is a subsidiary of Seed CX and has registered the unit as a Money Services Business and FX Dealer with FinCEN. Moreover, Zero Hash is a registered Money Transmitter in over 45 US states.
Zero Hash enables businesses to embed digital assets within their product offering with low technical lift and no regulatory burden.
The Zero Hash settlement service currently supports spot settlement of fiat and cryptocurrencies, as well as for repo, forwards, and other product types. The product was already implemented into the trade cycle of traditional brokers, single-dealer platforms, FX ECNs, and other institutional trading venues including tastyworks (now owned by IG Capital), Banxa, Wirex, MoneyLion and DraftKings.
Zero Hash lending infrastructure also enables neo-banks, broker-dealers, payment groups, and non-financial consumer brands to automate collateral management and loan settlement, thereby helping manage the counterparty risk and simplifying the acceptance of multiple forms of collateral.
“We are pleased to expand our regulatory footprint into Australia, advancing our mission to be the global digital asset infrastructure for every financial institution,” said Edward Woodford, CEO and Founder of Zero Hash Holdings. “This registration not only allows us to power thriving Australian FinTechs but also complements our footprint of licensing across the globe including the United States and Canada, that enables our global clients a one-stop solution to a global client base in digital assets.”
Zero Hash’s APAC headquarters is based in Australia. Its local subsidiary has appointed crypto industry veteran Claire Wivell Plater as a non-executive director and strategic adviser. Ms. Wivell Plater has been extensively involved with the Australian crypto and fintech eco-systems since 2013.
“I look forward to contributing to the expansion of Zero Hash within the APAC region. Australia is a perfect market for Zero Hash, with estimates that about 29% of Australians already own at least one cryptocurrency,” said Ms. Wivell Plater.