When I read this press release and dug in a bit further, my first words were..."oh wow", the same words they use with GREAT FREQUENCY on Property Brothers. Nevertheless, Chicago commodity traders may well already be aware of this firm already, but the rest of the world may not.
Seed Futures, a 2015 start up launched by two MIT graduate students, has been acquired by the holding company (dough) for tastytrade - Tom Sosnoff's brainchild media firm that launched in 2011 after he sold ThinkOrSwim (which he founded in 1999) to TD Ameritrade.
Apparently his non-compete with TDA is over, as his former dough platform - which previously integrated with TDA - now integrates with his new brokerage firm tastyworks as of January 2017 (and yes, his companies tend to not capitalize their names). With this acquisition of Seed, it appears he is amping up the brokerage business to some interesting alternative commodity products as well.
According to the Seed website, they offer futures trading on hemp extract, hemp isolate, hemp seed, organic corn, organic soybeens, organic soybean meal, organic soybean oil, haas avocados and Persian limes. Cool markets, but our veteran trading guy says they would be challenging because of lack of market liquidity - at least for now.
Anyway they will no doubt be looking to grow (pardon the pun) further into other "emerging commodities" as well. So - a very bright future indeed for this company - and we can't wait to see how Tom Sosnoff builds out this new enterprise with these two young, bright entrepreneurs.
(Cindy Taylor/Publisher)
"CHICAGO, Aug. 09, 2017 (GLOBE NEWSWIRE) -- Seed Futures LLC (“Seed Futures”) today announced that its business has been acquired by dough, Inc. (d/b/a tastytrade).Seed was founded by Edward Woodford and Brian Liston in 2015, who established the company in Chicago after completing their graduate studies at MIT. Seed quickly established itself on the Fintech scene, being recognized by Techweek as one of the leading Chicago start-ups, and the founders have been recognized in Crain’s 20 in their 20’s. The acquisition of Seed Futures by tastytrade, both Chicago companies, is another sign of the increasing local Fintech vibrancy.
Financial terms of the transaction were not disclosed.
For more information on Seed, visit www.seedcx.com. For more information on tastytrade, visit www.tastytrade.com."