Evan as competition heats up in cryptocurrency trading space, the institution-oriented cryptocurrency exchange Seed CX has cut its trading fees to become the most competitive levels globally.
The Chicago-based crypto exchange announced that it was lowering its trading fees to some of the lowest levels in the industry. The fee cuts follow a week of purported record trading volumes for the exchange, briefly overtaking other top exchanges like Bittrex and the Winklevoss brothers’ Gemini.
Seed CX co-founder and CEO Edward Woodford said that thanks to its aggressive fee schedule and low slippage books, they can “look forward to continuing to lead institutional digital asset trading with best execution, operational support and technology.”
In February this year, Seed CX, the only digital asset exchange built exclusively for institutional investors, announced that its trade execution costs on the Seed Digital Commodities Market, a subsidiary of Seed CX, were among the lowest of all digital asset execution venues globally. Woodford previously stressed the importance of institutional investors and professional traders in the further adoption of digital assets. Woodford noted that Seed CX was poised to bring “large institutional traders, who have so far sat on the sidelines, into the crypto space,” some “for the first time.”
Seed CX is a licensed digital asset exchange and the first to offer institutional trading and settlement for both spot market and CFTC-regulated derivatives. Purpose-built for institutions, Seed CX provides the operational excellence, market safeguards, technology infrastructure and dedicated support required to trade confidently into the digital asset market. Founded in 2015, the company is guided by a deep team of industry veterans and innovators. It has decades of experience in market structure, exchange operations, institutional investing, proprietary trading, risk management, and IT infrastructure.
Seed CX had earlier partnered with Itiviti, a leading technology and service provider to financial institutions worldwide, to offer NYFIX Connectivity for cryptocurrency customers. This partnership ensures that traditional institutional firms currently utilizing Itiviti’s NYFIX network, now can access Seed CX’s digital asset exchange and settlement ecosystem.
“Now that the NYFIX network is connected to our digital asset exchange, Itiviti’s client base, which includes over 800 institutional firms, can easily access Seed’s crypto market,” said Adam Leaman, VP of Client Services, Seed CX. “Itiviti’s NYFIX suite of services is well known for stability and a strong support team, which is why their client base is a natural fit for our exchange.”
Seed CX joins Itiviti’s Global Alliance Program (GAP), the umbrella under which the company manages all partner relationships globally, enabling clients to leverage a highly integrated network of technology providers. This strategic partnership will provide NYFIX customers, who already rely on advanced analytics, monitoring and post-trade processing through the NYFIX portal, with the same tools in the digital asset space.