Zero Hash, Seed CX’s digital asset and fiat currency custodian subsidiary, has launched a suite of OTC trade settlement services for digital assets.
The new settlement service aims to widen the number of counterparties that market participants can transact with, streamline reconciliation and reporting, and enable frictionless settlement of trades.
At launch, Zero Hash supports spot settlement of 19 fiat pairs, in addition to BTC, ETH, LTC and BCH, and will be launching support for repos, forwards, and other product types in the coming months.
“We are proud to announce the launch of the Zero Hash settlement service,” says Brian Liston, Seed CX co-founder and president of Zero Hash. “OTC traders have been demanding a robust solution to settle trades efficiently, securely and under a transparent regulatory infrastructure. Custom built for institutional use, Zero Hash offers exactly that. It lets traders focus on what they do best: execution. We take care of the rest.”
Zero Hash is both a registered money services business and FX dealer with FinCEN. Zero Hash is also a registered money transmitter in over 30 US states. It offers a straight–through processing settlement API, meaning that investors and counterparties can submit matched trades to Zero Hash, which will then facilitate the escrow and movement of the digital assets and fiat currencies once payment is received from both counterparties. All settlement movements are netted and finalised on-chain.
“The Zero Hash settlement system will enable CoinRoutes – a cloud-based, distributed algorithmic trading platform – to optimise our clients’ trading by directing matched orders to Zero Hash for settlement,” says David Weisberger, co-founder and CEO of CoinRoutes. “This will save our clients money by lowering fees and market impact. This is an exciting development for the industry and we look forward to leveraging it for our clients.”
“Zero Hash’s settlement service is in the process of being deployed to a variety of institutional customers including FX ECNs, traditional brokers, single-dealer platforms and OTC traders,” says Edward Woodford, co-founder and CEO of Seed CX. “We are excited to be a core backbone of institutional settlement for digital assets.”