Seed CX, a crypto exchange company, has revealed that it raised $15 million in a Series B funding round. The figure is an obvious improvement on the $10 million which it raised in Series A.
According to a press release, asset management firm, Bain Capital Ventures led the funding round which is expected to play a significant role in the next stage of Seed CX’s development.
The exchange platform offers trading and settlement services for spot markets and other derivatives regulated by the Commodity Futures Trading Commission.
It is also the first licensed crypto exchange to offer such a variety of trading choices to customers.
Edward Woodford, Seed CX’s co-founder and CEO expressed the belief that the new round of funding will help the company in its quest to make institutional investors try crypto for the first time.
In his comments “ institutional investors and professional traders, require a trading experience that is on par with that of other instruments, such as equities and commodities.”
The firm prides itself on providing market systems and technology that makes such experience possible. This includes trading options, risk management, and operations as well as settlement and custody.
Putting The Funds To Use
As revealed in the report, Seed CX already have objectives that will be achieved following the completion of the funding rounds.
Expanding the companies current infrastructure, getting more institutional traders, and expanding its team to up to 40 persons all come top of the company’s wishlist.
Further, a higher fraction of the recruits will handle areas such as market, surveillance, and technology for Seed CX.
Salil Deshpande, Managing Director at Bain Capital Ventures said the company is happy to invest in a firm that meets the need of institutional investors.
“Institutions are seeking regulated, secure, and reliable crypto venues with diverse products that allow them to earn strong returns,” Deshpande stated.
It is widely expected that the new funds push Seed CX exchange to the mainstream, thus allowing it to attract more institutional investors to the crypto markets in the near future.