Bitfinex has partnered with AlphaPoint, a white label bitcoin exchange technology provider, to enhance performance and scale for future growth.
AlphaPoint made the announcement earlier today at the Money 20/20 conference in Las Vegas, where the company has a booth.
The move is designed for Bitfinex to focus more on business strategy, and worry less about keeping its technology up to date. Said Josh Rossi, Bitfinex’s VP of Business Development:
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“To embrace a technology from a third party, rather than build it ourselves is a tough decision, as we do not outsource core functionality lightly. However, once we had the opportunity to look under the hood of the AlphaPoint platform, we found them to have the best enterprise backend solution to address our needs for the present and the future, allowing us to really focus on what we do best: create innovative new products and features, while focusing on delivering value to our customers.”
AlphaPoint caters both to startups, to help them launch faster, as well as existing exchanges, to enhance performance and scale for growth. It says that its platform can handle one million transactions per second, which makes it useful to handle both short-term spikes and long-term growth.
The platform can also help other brokers to interact with Bitfinex’s liquidity, as well as enhance user experience.
As the industry matures, we are seeing an emergence of several white label companies. AlphaPoint, however, distinguishes itself in having reportedly secured $1.35 million in funding in mid-October.