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Seed CX' subsidiary Zero Hash launches crypto derivatives settlement support for institutions

Thu, 12 Sep 2019, 04:59 am UTC

Seed CX’ subsidiary Zero Hash has launched support for derivatives, enabling clients to settle bilateral derivative transactions.

As per a press release, the platform now supports all back-office settlement functions for forwards. It also plans to expand the functionality for options at a future date.

Derivatives are a rapidly evolving area within the digital asset industry, yet there is a critical demand in the market for a regulated post-trade settlement utility, like Zero Hash,” Brian Liston, Seed CX co-founder and Zero Hash president, said.

Zero Hash said it will conduct collateral management for derivatives throughout its entire lifespan, including calculating variation margin, initial margin, and final settlement values; sending margin-call notifications; and transferring funds to avoid operational and counterparty risks.

The new offering will also allow institutional traders to customize the frequency of their forward contracts to provide “greater flexibility.”

Noting the growing demand of derivatives in the U.S., Liston said the firm is “excited to service that demand with the launch of this new functionality. Zero Hash can now enable any trading platform or set of participants to trade and settle forwards in an efficient and secure manner.”

The latest move follows after Zero Hash in July obtained a money transmitter license by the New York State Department of Financial Services, allowing the firm to take care of transaction settlements.

Seed Digital Commodities Market LLC (SCXM), another Seed CX subsidiary, was also awarded virtual currency licenses to provide services to big financial institutions and trading firms as a matching engine for cryptocurrency buyers and sellers and serve as a platform for cryptocurrency block trades.

Last month, another Seed CX subsidiary started user acceptance testing (UAT) for its physically-settled bitcoin derivatives. Seed SEF said it has opened its UAT environment to customers to begin trading on its matching platform.

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