Hidden Road, supported by the American market maker Citadel Securities, has entered into a new partnership with the Bitfinex cryptocurrency exchange following its decision to suspend support for Bybit’s crypto services in May 2024.
Announced on June 13, Bitfinex’s integration with Hidden Road aims to expand institutional exposure to digital assets through enhanced services and security features.
Under this collaboration, Bitfinex will assist Hidden Road in expanding its offerings, including derivatives trading, spot trading, peer-to-peer financing, over-the-counter (OTC) trading, margin trading, and more.
Bitfinex, owned by iFinex and also the issuer of the popular stablecoin Tether, shares its chief technology officer, Paolo Ardoino, with Tether.
Bill Brindise, head of business development at Bitfinex, emphasized the exchange’s commitment to providing advanced trading features, robust liquidity, and a wide array of trading pairs within a secure infrastructure.
“We are confident that Hidden Road’s clients will benefit from exploring our diverse product offerings designed to support institutional and professional investors in gaining exposure to digital assets,” Brindise added.
The decision to partner with Bitfinex comes shortly after Hidden Road ceased its collaboration with Bybit in late May due to issues related to Know Your Customer (KYC) verification and Anti-Money Laundering (AML) processes. Bybit, headquartered in Dubai, had faced scrutiny over its relatively relaxed KYC policies, which it adjusted earlier in May, mandating KYC procedures only for users withdrawing more than 20,000 USDT per day.
Summary Review: Hidden Road’s strategic shift to partner with Bitfinex underscores its commitment to enhancing institutional access to digital assets amid evolving regulatory landscapes. By pivoting from Bybit due to KYC and AML concerns, Hidden Road aims to strengthen its service reliability and compliance standards. The collaboration with Bitfinex, renowned for its robust trading infrastructure and extensive liquidity, positions Hidden Road to cater effectively to institutional and professional investors seeking diverse opportunities in the digital asset space.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
