Seed CX joins the exclusive club of cryptographic companies, which can legally work on the biggest financial market in the world.
Seed CX, which is a platform of cryptocurrency trading from Chicago and which is normally used or institutional investors, obtained BitLicense, and that fact is confirmed in the press release of New York regulator NYDFS. The regulator has already approved the activities of more than 20 cryptocurrency companies, including Coinbase, Gemini and Bakkt.
At the beginning of this year, the exchange launched its own platform of the spot and derivatives trading, which is considered to be an important step for engaging institutional clients to digital assets.
Because a competitive Bakkt will start testing its futures for Bitcoin soon, this year we will see large money dropping into the industry.
BitLicense, which was first introduced in 2015, is hard to get because of expensive and exhausting submission of applications, which includes careful investigation of the firm’s business operations, AML/KYC measures and so on. It explains why only a few companies became successful. For instance, Bittrix exchange’s application was declined by NYDFS in April, although the exchange conducted strategic investments in Seed CX in December.