Institutional-focused crypto exchange Seed CX is expanding the reach of its settlement solution, dubbed ‘Zero Hash,’ through a new partnership with Digital Asset Redemption (DAR).
This collaboration allows DAR to leverage a suite of over-the-counter (OTC) trade settlement services that were recently launched by Seed CX’s digital asset and fiat currency custodian subsidiary, Zero Hash.
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Once the integration is complete, DAR’s client roster, which includes insurance companies and cybersecurity firms, will be able to use the solution to settle their cryptocurrency transactions.
A US-registered settlement offering
The Zero Hash settlement service currently supports spot settlement of fiat and cryptocurrencies and will be launching support for repo, forwards, and other product types in the coming months. The product was already implemented into the trade cycle of traditional brokers, single-dealer platforms, FX ECNs, and other institutional trading venues.
Seed CX, which raised $15 million in a funding round led by Bain Capital Ventures last fall, has registered its Zero Hash service as a Money Services Business and FX Dealer with FinCEN. Zero Hash is also a registered Money Transmitter in over 30 US states.
Commenting on this, Brian Liston, Seed CX co-founder and president of Zero Hash, said: “We’re excited to have DAR integrate with Zero Hash, to enable them to offer a secure and regulated ecosystem to settle their transactions. Zero Hash has been built from the ground up to minimize the risk and operational overhead from post-trade settlement, which is perfectly suited for DAR’s business model.”
Matt Leidlein, co-founder and Managing Partner at DAR, added “Practical cybersecurity incident response today is fraught with legal and regulatory compliance issues. Digital Asset Redemption now offers institutional-grade solutions to businesses on the front lines of this modern battleground, allowing them to focus on limiting business interruption and loss.”