Bitcoin’s biggest exchange, Bitfinex, has went live with a new institutional-grade connectivity provided by Swiss-based Market Synergy, which offers trading and security solutions for banks, brokers and hedge funds to trade cryptocurrencies.
Market Synergy has built a tailored network that supplements Bitfinex’s FIX gateway in order to provide professional investors with a 24-hour access to the popular venue’s cryptocurrency trading pairs.
In addition to providing outsourced connectivity, Market Synergy also manages co-location services for Bitfinex’s institutional clients and offers a FIX-based data feed, along with internet-service-provider (ISP) links to the digital asset gateway.
Hosted in a Swiss data centre in the heart of Zug, the crypto valley of Switzerland, Bitfinex’s new faster and more secure connection meets the increasing demand from banks, hedge funds and brokers that operate within the crypto space.
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Bitfinex has previously tried to sweeten offering to institutional investors through a partnership with matching engine technology provider Connamara to create a Financial Information eXchange (FIX) gateway, which is now further enhanced following this deal with Market Synergy.
Bets on cryptocurrency regulation
Market Synergy operates as a separate subsidiary within the FXecosystem Group, a provider of connectivity services for the financial services industry, including FX and bond markets. The group already possessed a unified point of entry to connect to myriad FX market participants worldwide, with access to its LD4 (London) and NY4 (New York) Meet-Me-Room (MMR).
According to a joint press release, Market Synergy aims to become a leading institutional outsourced connectivity provider in the cryptocurrency space. As such, the company is taking a big bet on the emergence of standardized global regulations for the cryptocurrency market.
Commenting on the partnership, Market Synergy’s CEO James Banister stated: “Since we announced our plans to provide institutional standard connectivity for Bitfinex, we have had significant interest from global brokers and hedge funds to connect through our network to Bitfinex’s digital asset gateway. I am delighted that we are going live today and that institutional clients worldwide can benefit from our high performance connectivity to Bitfinex. We can also now offer colocation services to any Bitfinex institutional client.”
Bitfinex CTO Paolo Ardoino added: “Working with Market Synergy, we have been able to take a pioneering step forward with our data migration to dedicated private servers. It has been a considerable undertaking but one we felt was integral to provide a service that matches our ambition and market expectation. We are glad to have been able to collaborate with Market Synergy to provide a solution that promises even greater speed and security across our platforms.”