New York has awarded two more BitLicenses. Two subsidiaries of Seed CX are now allowed to start trading with crypto-Assets. The New York offer for institutional investors, therefore, takes as a whole.
By Anton Livshits
16. July 2019BTC$9.428,00 -12.92%part Facebook Twitter LinkedIn xing mail
met Two other crypto companies have successfully passed the stringent requirements of the New York State Department of Financial Services (NYDFS). The local financial authority on 15. July announced that it has awarded two of its coveted BitLicenses to Seed Digital Commodities Market LLC (SCXM) and Zero Hash LLC. The company can now offer Cryptocurrency services for institutional investors. Both companies are subsidiaries of the Trading platform Seed CX are. Zero Hash LLC also received a money transfer license.
The BitLicense allows SCXM as a “matching engine” for buyers and sellers of Bitcoin and other crypto-currencies to occur. In addition, financial institutions and larger Trading firms can use the platform for crypto-Block Trades. Block Trades are off-exchange transactions with major packages of Assets. Zero Hash a also takes in the activities of SXCM the role of the money transmitter.
Seed CX wants to use the opportunity of
Edward Woodford, CEO of Seed CX, was visibly pleased, in view of the recent developments. The licenses mark, accordingly, the next step in the efforts of Seed CX, to become a leading Player in the institutional trading digital Assets:
As a holder of licenses for virtual currencies, we will be able to trade and settlement services for the New York company on our institutional platform, which provides a strong institutional technology, operational support and compliance by institutions required by regulations.
Seed CX was founded in Chicago. The emerging platform is supported by the financial giant Bain Capital. In addition, she hopes for a speedy license for trading with crypto-Forwards.
BitLicenses are in hot demand
Meanwhile, the New York BitLicenses are still a rare commodity. The New York State Department of Financial Services, awarded to only 20 of these permits. In your Statement on the licensing of Seed CX, – said Linda A. Lacewell from the financial authority in accordance with the increase in business opportunities:
The approval of these new licences by the Department will provide institutional customers with more choice and at the same time, consumers and the General Public by the use of strong measures to combat money laundering, cyber security and other Compliance Standards in a constantly evolving global financial market, protect.
In practice, the BitLicenses are an important step in order to market their own services to institutional investors. In the year 2019, about the Bitcoin exchange Bitstamp and the Tagomi Trading LLC received Seed CX is one of the sought-after permits.
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