A Chicago based crypto exchange platform Seed CX has a new rollout for its institutional clients, as it is quite an Institutional-focused crypto exchange firm. The firm has declared via its press release that it is launching a digital asset wallet solution with an on-chain settlement. The new product is designed to add security and transparency for its customers.
The newly launched product will provide each customer with a unique wallet rather than using omnibus wallets. This will enable the exchange to synchronize its internal accounting on the appropriate blockchain. The company claims that an individual, segregated wallet is more secure than existing multi-user wallet solutions offered by other exchanges. Seed CX asserts that implementing multiple unique wallets will decrease the risk of threat actors accessing pooled assets through a single vector of attack. With that, the institutional clients can verify all deposits, withdrawals and other transactions of their wallets independently.
The exchange platform Seed CX which has recently raised $15 million in funding, has created the new wallet solution in collaboration with its settlement subsidiary, Zero Hash. Zero Hash is a firm which is responsible for offering on-chain settlement services. It also holds FinCEN’s regulatory license to work in 25 American states to provide money transmitting services. Zero Hash is in the process to get a BitLicense from the New York State Department of Financial Services (NYDFS).
Further, Edward Woodford, co-founder and CEO of Seed CX announced that the exchange is aiming to “make it as difficult for hackers as possible” to steal funds. He said, “On-chain settlement helps Seed CX provide trading firms with an experience that is both cost-effective and high performance, while also providing the operational and financial security investors demand.”
Additionally, Julie Myers-Wood, Zero Hash public director notes that the firm takes lessons from the obstacles from which other exchanges are going through. She adds, “Giving participants full visibility into their own unique wallets is a big part of that, but it’s not enough. Zero Hash has a wide range of operational controls designed to provide investors with a first-of-its-kind experience.” For Seed CX launched wallet service, Zero Hash will generate new wallet addresses for each user and for each transaction between wallets.