Zero Hash, formerly known as Seed CX – a digital asset exchange, has powered Digital Lending Capital Corp‘s (DLCC) first trade using the tech rails offered by Zero Hash.
DLCC is a tech provider for crypto lending and prime brokerage.
Zero Hash describes itself as similar to “banking as a service” for Fintechs interested in digital assets by offering infrastructure to settle and clear digital asset transactions.
In its previous incarnation, Seed CX raised $15 million in a series B funding round as a “licensed institutional cryptocurrency exchange” providing institutional trading and settlement for both spot market and CFTC regulated derivatives.
Last June, the company announced it would pivot away from a digital asset exchange to a platform that provides settlement infrastructure.
To quote Zero Hash’s explanation in June:
“Our settlement business, Zero Hash, has scaled incredibly quickly over the past 12 months and now counts some of the largest and most innovative digital asset companies as clients … Our settlement business now accounts for over 95% of our revenue. As we begin to look beyond just profitability (we are on course for profitability in 2020), to realizing our ambition of becoming the leading digital asset settlement infrastructure, we have to become more focused.”
The relationship with DLCC is emblematic of the pivot.
James Runnels, co-founder & CEO of DLCC, said they were very excited to incorporate the Zero Hash product suite as they offer a “state of the art” crypto prime brokerage:
“Through the partnership, DLCC will be offering institutional clients the suite of compliant products and services that they are accustomed to from traditional asset classes with the added advantage of cutting-edge tools that are unique to the digital asset class.”
Zero Hash is a FinCen registered Money Service Business that can operate in 40 different states including New York.
DLCC wants to set the standard for a digital asset prime brokerage.