Seed CX, a crypto exchange focused on institutional clients, is unveiling a new wallet solution that features added security and transparency for its clients.
The company announced on Thursday that the new wallet includes on-chain settlement features and provides clients with a unique wallet, instead of having to use omnibus wallets. Seed CX was able to raise $15 million funding last fall. Its settlement subsidiary Zero Hash provides the new wallets that let the exchange synchronize its internal accounting on the applicable blockchain.
As a result, market participants can now validate all deposits, withdrawals, and other transactions on their wallet—all on their own.
Interestingly, because of the new system, malicious actors who want to hack the wallets will have to deal with an increased number of wallets if they want to steal funds, according to a press release.
The co-founder and CEO of Seed CX Edward Woodford said that the exchange is exploring ways to “make it as difficult for hackers as possible” to illegally get funds and limit the amount they can steal if ever.
“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.”
The public director of Zero Hash, Julie Myers-Wood, said in a statement that the company already learned from previous issues that other exchanges have to deal with.
“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,” she said.