Cryptocurrency exchange Seed CX announced completion of a $15 million Series B funding round led by Bain Capital Ventures. Seed’s total funding to date is more than $25 million, it said in a press release.
The company, which is targeting institutional investors and professional traders, added that it will use this latest financing to “expand its physical trading infrastructure, broaden its network of institutional trading groups, and more than double its team to close to 40 people, primarily in operations, market surveillance and technology.”
“The lack of institutional exchanges is the single largest barrier to crypto asset class growth. Seed CX is serving this unmet need of institutions,” said Salil Deshpande, managing director at Bain Capital Ventures, in the press release.