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Seed CX decides to focus on its settlement services through Zero Hash

June 12, 2020

The American crypto exchange Seed CX closed to focus on your settlement platform.

According to one on June 11th by the CEO Edward Woodford, Your settlement platform Zero Hash now accounts for 95% of sales the company.

“When we start looking beyond profitability to achieve our goal of becoming that.” leading platform for processing digital assets, We need to focus more, “Woodford wrote.

“To be honest, offering a replacement product directly to customers was sometimes seen as a conflict by some of our customers, but more importantly, it’s secondary to our core business.”

Seed CX decides to focus on its settlement services through Zero HashSeed CX decides to focus on its settlement services through Zero Hash

The CEO said the company will focus its efforts on its “efficient, automated and regulated settlement platform”. The last trading day on the crypto exchange is June 12th.

Can’t keep up

Seed CX tried to increase its market share in 2019 by reducing transaction fees to some of the lowest levels in the industry and partnership with various FinTech companies in Asia. However, the exchange was only averaged about $ 6 million in daily trading volume And he only made a small fraction of it in the calculated commissions.

Development of settlement services

According to Woodford The company is working to become more profitable this year. Cointelegraph reported in September that Seed CX’s settlement agent had added support for derivative transactions.

The CEO said that the company intends to take more consistent steps towards profitability, citing a new round of fundraising for investors as Bain Capital. The investment company was responsible for raising $ 15 million in a Series B round for Seed CX in September 2018.