Adoption of Zero Hash among top Chicago proprietary trading firms as part of their OTC settlement infrastructure signals a shift in post-trade digital asset landscape
CHICAGO, Nov. 01, 2019 (GLOBE NEWSWIRE) -- At San Francisco Blockchain Week, Zero Hash, the complete digital asset and fiat currency settlement service, announced that top Chicago prop trading firms have now integrated Zero Hash into their post-trade settlement. The global trading firms that Zero Hash announced today included CMT Digital and BlueFire Trading.
Zero Hash, which in March launched a suite of over-the-counter (OTC) trade settlement services for digital assets, and recently announced support for forwards, is a BitLicense holder, a FinCEN-regulated Money Service Business, as well as a Money Transmitter in 35 states.
Through a robust suite of API endpoints, OTC providers and Platform Operators can implement pre-trade risk controls that ensure trades do not match unless full collateralization is confirmed programmatically. This removes a major operational risk and allows for OTC desks to explore new counterparty relationships in the secure, regulated environment that Zero Hash offers.
The announcement was made on the San Francisco Blockchain Week main stage by Edward Woodford, co-founder and CEO of Seed CX and Zero Hash. “We are fortunate that a number of the top global trading desks have now integrated into Zero Hash’s fully automated settlement infrastructure. Zero Hash provides the complete settlement solution to OTC desks, providing increased capital and operational efficiencies,” said Woodford.
“CMT Digital is excited to work with Zero Hash on improving the efficiency of our post trade settlement process,” said Brad Koeppen, Head of Business Development and Trading at CMT Digital. “Bilateral settlement of OTC transactions can be operationally cumbersome and moving counterparties onto the Zero Hash platform makes settlement simple and easy. By working with a regulated entity to manage the risk and capital efficiency of this line of business, we think bilateral settlement will quickly become a thing of the past.”
Harry Georgakopoulos, Head of Digital Assets at Blue Fire Capital, LLC, said on the announcement that, “the time has come for an institutional grade settlement and clearing solution for Digital Assets. Blue Fire Capital provides 24/7 streaming OTC liquidity to multiple family offices, exchanges, miners and other venues around the world. Our trading partners demand the best prices, a large offering of symbols and quote currencies, as well as, a safe and regulated settlement and clearing solution. Zero Hash is one of our premier partners in this space and we couldn't be happier with their institutional offering.”
About Zero Hash
Zero Hash is a FinCen-registered Money Service Business as well as a Money Transmitter in more than 30 states. Zero Hash holds a virtual currency license from NYDFS.
Zero Hash’s settlement infrastructure is multi-platform as well as multi-custodial and aims to be the backbone of the digital asset ecosystem. as it is agnostic to how a trade is matched (i.e. multi-platform) and agnostic to a client’s preference to where the assets are held (i.e. multi-custodial). Zero Hash has complete dexterity in being able to settle any two-sided transactions it receives including spot, forwards, options, lending and single sided payments for payments processors.
In June, Zero Hash was voted Innovator of the Year by the 2019 Profit & Loss Readers Choice Awards. This followed the subsidiary’s successful launch of a suite of over-the-counter (OTC) trade settlement services for digital assets earlier this year. Zero Hash is a wholly owned subsidiary of Seed CX. Through its subsidiaries, Seed CX provides execution and settlement systems, trading technology, risk management tools and other related services for digital assets.
Media Contact for Zero Hash
Hunter Stuart, email@example.com