Settlement-infrastructure provider Zero Hash, formerly Seed CX, raises financing and rebrands

Zero Hash, the institutional-focused settlement infrastructure provider (formerly Seed CX), raised an undisclosed amount in a Series C funding round, The Block reports.

The financing was provided by Tastyworks, The Small Exchange, Bain Capital, Trade Station, CMT Digital and Monday Capital. The funds will be directed toward developing the ‘settlement as a service’ offering.

In an interview with the publication, company representatives said they hope to achieve positive profitability by year-end.

In June it emerged that Zero Hash would abandon its exchange business. The move was prompted by the inability to impose competition on other platforms. Management decided to focus on developing the settlement infrastructure.

According to The Block, in this period the company has attracted payment services Moonpay and Banxa, Trade Station, and a number of major over-the-counter trading platforms.

“Our aim is to finalise the trade. For example, Banxa sets the price and the parameters, after which we take the work on ourselves,” explained Edward Woodford, the company’s chief executive, describing the essence of the business.

According to the senior executive, Zero Hash’s monthly settlement volume has approached $1 billion. The company says its mission is to help other participants bring their products to market “with the help of a couple of lines of code.”

Last year the firm obtained a BitLicense from the New York State Department of Financial Services, a cryptocurrency regulation that many in the community regard as among the strictest in the world.

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