Bitfinex Crypto Custody
The popular cryptocurrency exchange Bitfinex is widening its crypto offerings and services as the Hong-Kong based crypto exchange has announced to offer an institutional-grade cryptocurrency custody service to its users in collaboration with the crypto custody provider Koine. According to the announcement on Wednesday, May, 13, the new institutional crypto custody service will allow investors to alleviate counterpart risks during the settlement of cryptocurrencies.
Bitfinex to collaborate with Koine to deliver custody service
Regulated under the Financial Conduct Authority (FCA), Koine offers custody solutions to exchanges by providing them with settlement custody services for both crypto assets as well as fiat currencies. The major crypto exchange Bitfinex is, therefore, collaborating with Koine to deliver crypto custody service to institutional investors. Per the announcement, those Koine customers who have their accounts already present on the Bitfinex exchange will be provided with a line of credit for their crypto trades on the exchange.
Commenting on their partnership with Koine, the CTO at Bitfinex Paolo Ardoino says that by providing institutional-grade crypto custody service to institutional customers in collaboration with Koine, we have covered another step towards ensuring massive institutional participation in the market. Paolo Ardoino said:
“We have always focused on building a service fit for institutional trading. In this collaboration with Koine for the delivery of custody post-trade infrastructure, we make another step on the path towards massive institutional participation in the crypto-trading market.”
‘Collaborating with Bitfinex is a key step in our evolution’ Koine CEO
The Chairman and CEO at Koine, Hugh Hughes is of the view that their collaboration with the Bitfinex exchange is a very crucial step for their evolution and furthermore stated:
“Collaborating with Bitfinex to help bring new funds into their trading environment is an extremely important step in our evolution. It is leading exchanges like these that will benefit from the shift to a more traditional market structure that will quickly lead to institutional capital participation and the rapid growth of trading from algorithmic funds.”
The Bitfinex exchange is rapidly expanding its crypto offerings and services to institutional investors. Apart from custody services, the crypto exchange is also providing staking services to its customers as well.
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