Seed CX Launches Digital Asset Wallet Solution With On-Chain Settlement
U.S.-based cryptocurrency exchange Seed CX, backed by Bain Capital, launched a digital asset wallet solution with on-chain settlement feature to attract more investments from institutional investors such as hedge funds.
Seed CX is looking to provide a more stable, transparent and secure wallet solution to institutional investors to enable them to operate with the same degree of confidence that they have in the traditional financial and commodity markets.
The solution is provided through its settlement subsidiary, Zero Hash, where each market participant receives a unique wallet instead of having their assets carried within a single omnibus wallet, or across multiple shared wallets.
On-chain settlement helps Seed CX provide institutional and professional trading firms with operational stability and financial security along with both cost effectiveness and high performance, which such investors demand.
Zero Hash is a FinCen regulated Money Service Business and Money Transmitter in over 25 U.S. States. Zero Hash also has a pending BitLicense with NYDFS. Zero Hash custodies both fiat and digital assets, with on-chain settlement.
The solution provided by Zero Hash allows it to synchronize its internal accounting layer with the blockchain, with deliveries and settlements being posted to the public network for immutable record-keeping.
This provides the participants with an additional external view of all deposits, movements and withdrawals associated with their wallet and the ability to independently confirm all Zero Hash-initiated transactions.
Additionally, the spread of digital asset holdings across multiple wallets reduces the surface area for bad actors looking to attack.
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