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Home Crypto Exchanges

Seed CX launches PAX, USD Coin, and TrueUSD on its digital asset exchange

Published by CryptoNinjas.net
05/15/2019
Seed CX launches PAX, USD Coin, and TrueUSD on its digital asset exchange

Seed CX, a market for institutional trading and settlement of spot digital assets, which earlier this year successfully launched Bitcoin, Ether, Litecoin and Bitcoin Cash trading pairs, today announced the introduction of three stablecoins: PAX, USD Coin and TrueUSD to its digital asset exchange, bringing increased liquidity to the stablecoin market.

Through its subsidiaries, Seed CX offers a licensed exchange for institutional trading and settlement of spot digital asset products, and plans to offer a market for CFTC-regulated digital asset derivatives.

[perfectpullquote align=”full” bordertop=”false” cite=”Edward Woodford, co-founder, and CEO of Seed CX” link=”” color=”” class=”” size=””]“We are excited to introduce three of the major stablecoins as tradable pairs on our secure and regulated trading platforms. We are also pleased that the stablecoins can be used as collateral for margin trading. Stablecoins are important in the ecosystem as they increase the velocity of movement of fiat equivalent assets 24/7 and had been requested by a number of our trading participants.”[/perfectpullquote]

The three stablecoins (PAX, USD Coin and TrueUSD) will begin trading against the USD fiat on Friday, May 17th.

In the coming weeks, Seed CX plans to offer further tradable pairs between PAX, USD Coin and TrueUSD and additional fiat currencies, including EUR. For the USD, each stablecoin will trade with a minimum order size of one coin, and tick size of .0001. The margin requirement to trade these pairs will be 10%, which will allow participants up to 10x leverage.

[perfectpullquote align=”full” bordertop=”false” cite=”Tory Reiss, co-founder of TrustToken” link=”” color=”” class=”” size=””]“Giving institutions that can only trade on a regulated digital assets exchange access to TrueUSD will further allow for the adoption of our first, fiat-backed stablecoin. We are excited to see Seed CX support TrueUSD, and look forward to collaborating with them over the coming months and years.”[/perfectpullquote]

Seed CX is an institutional exchange and settlement infrastructure, purpose-built for customers requiring security and stability as well as best execution through deep liquidity. Additionally, participants of the exchange can utilize leverage to buy and sell digital assets with multiple forms of collateral being accepted as initial margin for trading.

[perfectpullquote align=”full” bordertop=”false” cite=”Scott Simpson, VP of Business Development at Paxos” link=”” color=”” class=”” size=””]“We are pleased to see our stablecoin PAX supported at Seed CX, as it brings a trusted and regulated coin to a trusted and regulated platform for digital asset trading. At Paxos, we’re building an ecosystem where people can easily use PAX and we’re excited for the future.”[/perfectpullquote]

Backed by Bain Capital Ventures, through its subsidiaries, Seed CX has plans to offer a separate market for CFTC-regulated derivatives.

Seed CX wholly owns a number of subsidiaries include:

  • Seed Digital Commodities Market: a spot exchange for digital asset commodities.
  • Zero Hash: a FinCen-regulated Money Service Business and FX Dealer as well as a Money Transmitter in over 30 States. Zero Hash custodies both fiat and digital assets, with on-chain settlement.
  • Seed SEF: a CFTC-regulated Swap Execution Facility (SEF) that plans to offer a market for CFTC-regulated digital asset derivatives.
  • Seed Digital Securities Market: currently pending registration as a Broker-Dealer with FINRA and an ATS with the SEC.
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