Beeks Financial Cloud Group, a low-latency Infrastructure-as-a-Service (IaaS) provider for financial markets, announced this Tuesday that it is adding connectivity to cryptocurrency firm Seed CX in its NY4 data centre.
“The ability for firms to consume a range of digital asset and execute trades is becoming increasingly important for all types of trading firms.” Said Beeks CEO Gordon McArthur, “At Beeks, we are very client-driven and our clients are driving us towards more digital asset markets such as Seed CX.”
Founded in 2015 and backed by Bain Capital Ventures, Seed CX offers institutional traders a trading platform and US-based market for spot contracts on fiat-to-digital asset pairs. Currently, the firm plans on offering spot-contracts in Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
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Seed CX derivatives
On top of this the firm is looking at offering derivatives products to its clients. Given that the firm is yet to open its spot-trading market, and the various problems cryptocurrency derivatives are facing, it’s likely to be a while before anyone is trading bitcoin futures with Seed CX.
The same is not true of its spot market offering. No, it isn’t live yet but the firm is confident that it will be by mid-October.
As Seed CX’s trading platform is based in NY4, clients located on Beeks’ NY4 managed servers can easily access it. That should allow the cryptocurrency firm’s clients to deploy quickly and test the Seed CX market before it goes live in October.
Seed CX and its subsidiaries hold a number of different licenses from US regulators. Alongside a pending BitLicense with the New York Department of Financial Services, the firm is licensed as a Swap Execution Facility by the Commodity Futures Trading Commission, a Money Services Business by the Financial Crimes Enforcement Network and as a Money Transmitter by regulators in over a dozen US states.