CHICAGO, June 20, 2019 (GLOBE NEWSWIRE) — Profit & Loss, the premier monthly magazine for the foreign exchange industry, announced today that its annual Readers’ Choice Awards named Seed CX the Best Institutional Digital Asset Infrastructure Provider.
In addition, Zero Hash, Seed CX’s digital asset and fiat currency custodian and settlement subsidiary, won the top award for Innovator of the Year. The Zero Hash settlement service enables frictionless settlement of trades in multiple fiat and digital asset underlying pairs, allows firms to widen the number of counterparties with whom they can trade, and streamlines reconciliation and reporting.
The Profit & Loss editorial team unveiled its selection of the best providers in the banking industry at the annual Digital FX Awards Dinner on April 24, 2019. Over the course of the following five weeks, Profit & Loss readers voted for their favorite service providers in both the banking and vendor industries. This was the first year that providers in the cryptocurrency space were nominated for awards.
“We’re very excited to have been selected by Profit & Loss readers for two first-place awards,” said Edward Woodford, Seed CX co-founder and CEO. “Seed CX is custom-built for institutional investors to have a secure and regulated environment to trade and settle digital assets, and this announcement is further recognition that we are the leading provider in this space.”
Published by London-based P&L Services Ltd. since 1999, Profit & Loss specializes in reporting on the currency and derivative markets, placing a strong emphasis on analyzing strategic shifts and technological advances on both the buy and sell side of the industry. In addition to its quarterly printed magazine, Profit & Loss produces daily online news, analysis and opinion and runs the highly successful Forex Network conference series that it hosts in major financial centers around the world.
“As the adoption of digital assets amongst institutional financial services firms continues to grow, this market is of increasing interest and importance to the Profit & Loss readership, hence why we felt that it was appropriate to add categories focused on this space to our Reader’s Choice Awards this year,” said Galen Stops, editor of Profit & Loss. “The vital importance of institutional grade infrastructure to support this continued adoption has been well documented, and so I would like to congratulate Seed CX for being recognized by our readers for their leadership position in this regard over the past year. I also think that it is significant that our readers voted Seed CX’s custodian subsidiary, Zero Hash, as the top innovator for the year across both the fiat currency and digital asset markets, especially given that the latter in particular has been a hotbed of innovation in recent years.”
Through its subsidiaries, Seed CX offers a market for institutional trading and settlement of spot digital assets, and plans to offer a separate market for CFTC-regulated derivatives.
In January, Seed CX launched digital asset spot trading of BTC/USD and ETH/USD pairs. The following month, Seed CX announced that its trade execution costs were among the lowest of all digital asset execution venues globally. In March, it added BCH/USD and LTC/USD trading pairs, and in May it announced the successful introduction of three stablecoins: PAX, USD Coin and TrueUSD.
About Seed CX
Chicago-based Seed CX operates a digital asset exchange built expressly for institutional investors. Through its subsidiaries, Seed CX offers a market for institutional trading and settlement of spot digital assets, and plans to offer a separate market for CFTC-regulated derivatives. Seed CX is backed by Bain Capital Ventures. Seed CX wholly owns a number of subsidiaries:
Seed Digital Commodities Market is a spot exchange for digital asset commodities.
Zero Hash is a FinCen-regulated Money Service Business and FX Dealer as well as a Money Transmitter in more than 30 states. Zero Hash custodies both fiat and digital assets, with on-chain settlement.
Seed SEF is a CFTC-regulated Swap Execution Facility (SEF) that plans to offer a market for CFTC-regulated digital asset derivatives.
Seed Digital Securities Market is pending registration as a Broker Dealer with FINRA and an ATS with the SEC.
Hunter Stuart, email@example.com
About Profit & Loss
Profit & Loss is the premier source for news and information regarding the foreign exchange (FX) industry. Launched in 1999 by P&L Services Ltd., Profit & Loss has consistently provided informative, relevant insight into the latest developments within the FX and derivatives markets sourced by its experienced, independent team of staff journalists.
In addition to its quarterly printed publication and special reports, Profit & Loss produces daily insights through the news, analysis and opinion published on its website. P&L Services Ltd. also runs the highly successful Forex Network and Growth Markets series of global conferences, which provide ideal platforms for international networking and establishing valuable working relationships.