Seed CX, led by Edward Woodford, now supports spot trading on three new stablecoins. The firm is looking to incorporate more trading pairs with the Euro as well as other fiat currencies in the nearest future.
Starting May 17, the newly added stablecoins can be traded for U.S. dollars. Seed CX also has plans to provide a ready market for digital assets but will have to be regulated by the US Commodity Futures Trading Commission (CFTC).
Edward Woodford CEO of Seed CX emphasized in a statement the importance of stablecoins. He said, “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.”
Seed CX Setting its Sight on Wall Street
With the increase in support for several cryptocurrencies and trading pairs, it is quite obvious that SeedCX is looking towards carrying out its operations in a different way. The exchange is aiming to operate more like a forex broker but still fixed on the institutional segment.
Earlier this year, Seed CX announced the launch of spot trading for institutional investors. The company last week also partnered with TradAir. TradAir enables users to leverage Seed CX’s OTC trade settlement that was recently released by Zero Hash.
According to a press release, the three newly added stablecoins can be used for margin trading. The three stablecoins can function as collateral with a minimum holding requirement of 10%. This simply means that investors will be able to trade up to 1,000% of the value for their current stablecoin holdings.