Crypto exchange company Seed CX has raised $15 million in a Series B funding round.

Bain Capital Ventures led the exchange’s $15 million Series B fundraise, according to statements, bringing the company’s total fundraise to $25 million. The exchange offers trading and settlement services for spot markets and other derivatives regulated by the Commodity Futures Trading Commission.

Additionally, the exchange has applied for a BitLicense through the New York Department of Financial Services and a broker-dealer registration through the Financial Industry Regulatory Authority.

The exchange hopes to offer trading services for digital assets that are similar to other existing commodities and equities, co-founder and CEO Edward Woodford said in a statement.

Woodford added:

“As a licensed exchange for both spot and derivatives trading, we deliver the operational risk safeguards, strong institutional technology, operational support and regulatory compliance that institutions demand. What is particularly exciting is that our unique offering brings large institutional traders, who have so far sat on the sidelines, into the crypto space for the first time.”

Seed CX intends to draw both institutional investors and other professional traders, he said.

Its new funds – which come on top of $10 million the exchange had previously raised – will go toward building up its physical trading infrastructure, growing its network of trading groups and hiring more employees, the release stated.

In particular, the exchange is looking to hire individuals for its operations, market surveillance and technology wings, and aims to grow its team to 40 people.

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