Cryptocurrency exchange Bitfinex announced a new crypto connection service earlier today. The crypto connection service was launched in partnership with Swiss service provider Market Synergy.
Bitfinex’s new crypto connection service is targeted at institutional investors. Bitfinex is launching the service to supplement its FIX gateway as it seeks to attract investments from hedge funds, banks, brokers, and other institutions.
Under the deal, Market Synergy constructed a bespoke network for Bitfine’x FIX digital asset gateway by providing outsourced connectivity and hosting services as well as a connection to the FIX feed and an ISP link.
Bitfinex is collaborating with Market Synergy to offer institutional calibre cryptocurrency connectivity and hosting services. https://t.co/rH1NcNbjn4
— Bitfinex (@bitfinex) July 11, 2018
The bespoke network is hosted in a Swiss data center in the heart of Crypto Valley, near Zug, Switzerland. The network is described as highly secure, reliable, and supported 24/7.
As part of the deal, Market Synergy will also provide colocation services to any institutional clients served by Bitfinex:
“As the demand for cryptocurrency trading gathers momentum, we spotted a gap in the market for an institutional calibre cryptocurrency connectivity offering, said James Banister, CEO of Market Synergy, as reported by Cryptovest.com. “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.”
Bitfinex’s FIX gateway was launched earlier this year to attract institutional investors. The exchange launched its FIX gateway in partnership with Connamara. “FIX” stands for “Financial Information eXchange”, and aims to create an industry-standard electronic communications protocol facilitating data transfers between financial institutions by significantly reducing time delays while trading.
Bitfinex is typically in the top 10 largest cryptocurrency exchanges by 24 hour trading volume. It’s one of the world’s largest exchanges and supports many major cryptocurrencies and fiat currency pairs.
Market Synergy, meanwhile, is a Swiss company within the FXecosystem Group. Other members of that group include FXecosystem and Bondecosystem, both of which are institutional market leaders in outsourced connectivity in their respective asset classes.
The network is reportedly ready to go live. Market Synergy has already created the bespoke network on behalf of Bitfinex and the network is deployed in a Swiss data center.
All of this is good news for Bitfinex as the company attempts to draw institutional investors to the crypto industry. The large cryptocurrency exchange is positioning itself as one of the best choices for institutional investors interested in participating in crypto – although they’re already facing stiff competition from companies like Coinbase and other exchanges preparing to launch institutional services.