In a recent press release, Hydra X announced that they had partnered with Seed CX, a US-based company offering digital asset exchange services. This allows Seed CX, which received a huge investment from Bain Capital last season, to expand in the Asia market.
This should be a lucrative move for Seed CX. Hydra X recently created its Sigma platform, which is still in its beta phase. The move allows the Chicago-based company to integrate their technology with the new platform.
Hydra X CEO Daryl Low is excited about the opportunity this presents for his company, explaining that the partnership allows his company to expand “our user base to include institutional traders seeking regulated and secure access to the world of digital assets.”
The integration is big news for those looking to exchange or invest in currency. Once the integration is complete, users will be able to use the Seed CX platform to gain access into the cryptocurrency prices in numerous markets. This will allow them to be able to both trade and monitor their assets while adding a net fiat-crypto gateway.
In addition, the partnership will offer users many other services. This will include a market for crypto derivatives through a subsidiary of Seed CX, Seed SEF. This service is regulated by the Commodity Futures Trading Commission.
In a statement, Hydra X explained:
“Our Sigma trading platform aims to create a truly integrated cross-asset and cross-venue ecosystem by offering a seamless user experience across different asset classes and trading venues. A connection with Seed CX will bring us much closer to this goal.”
Last September, Bain Capital Ventures bought $15 million worth of shares as part of a Series B funding round that Seed CX offered. That helped to add to the total exchange, creating a valuation of $25 million.
Four months later, Seed CX opened a newly regulated Bitcoin Core (BTC) spot trading market. This allowed investors a “truly institutional” support according to CEO Edward Woodford.
However, the company was not done there. Zero Hash, another subsidiary of the company, launched a wallet option to their users in the same month as the opening of the spot market trading. This new service offered customers greatly improved security as well as greater transparency related to the markets.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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