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Bitfinex Launches Crypto Connection Network for Institutional Clients

Cryptocurrency NewsJul 11, 2018 10:40AM ET
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Bitfinex Launches Crypto Connection Network for Institutional Clients

Bitfinex, one of the leading virtual currency markets, has revealed a new crypto connection service that targets institutional investors, the exchange announced on Wednesday. The crypto connectivity network was built by Swiss service provider Market Synergy.

Bitfinex decided to launch a faster and more secure cryptocurrency connection network as a supplement to its FIX gateway seeking to meet the increasing demand from institutional investors like banks, hedge funds and brokers, Bitfinex’s CEO Paolo Ardoino said.

Under the deal, Market Synergy built a bespoke network for Bitfinex’s FIX digital asset gateway by providing outsourced connectivity and hosting services as well as FIX feed and ISP (Internet Service provider) link.

Market Synergy also provides colocation services to Bitfinex institutional clients.

“As the demand for cryptocurrency trading gathers momentum, we spotted a gap in the market for an institutional calibre cryptocurrency connectivity offering… We have worked very closely with Bitfinex to evaluate their needs, select the ideal data centre and set up the correct infrastructure to create a bespoke network with connections to their digital asset gateway for professional traders,” James Banister, CEO of Market Synergy said.

In May this year, Bitfinex launched its digital asset FIX gateway in collaboration with Connamara a bid to attract big investors. FIX or Financial Information eXchange is an industry standard electronic communications protocol that facilitates data transfer between financial institutions by significantly reduce the time for trading.

Bitfinex is one of the leading cryptocurrency exchanges with nearly $400 million trading volume on Wednesday. It supports several cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Rippple (XRP), which are traded in pairs with BTC and ETH as well as four fiat currencies, US dollar, Euro, British pound and Japanese yen.

In June, Bitfinex’s Chief Strategist left the company as it was moving operations away from the United States.


This article appeared first on Cryptovest
Bitfinex Launches Crypto Connection Network for Institutional Clients
 

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