Hidden Road and Bitfinex Join Forces to Enhance Institutional Digital Asset Access
Summary:
Bitfinex has partnered with Hidden Road, a prime brokerage backed by Citadel Securities, to increase institutional access to digital assets. The collaboration will enhance Hidden Road's service offerings, which include derivatives and spot trading, peer-to-peer financing, and over-the-counter trading. This partnership comes on the heels of Hidden Road's discontinuation of its crypto services facilitated by Bybit due to KYC and AML process disagreements.
Citadel Securities-supported prime brokerage Hidden Road is increasing the accessibility of digital assets to institutions by pairing up with Bitfinex. As announced by Bitfinex on June 13, Hidden Road will integrate with the platform, enhancing the brokerage's institutional offering with additional digital assets and security tools. Through the collaboration, Bitfinex will aid Hidden Road in implementing or advancing services such as derivatives trading, spot trading, peer-to-peer financing, over-the-counter trading, margin trading, among others.
Bitfinex, owned and managed by iFinex - the same parent company that owns Tether (the issuer of the world’s most substantial stablecoin), is Hidden Road's new collaborator. Paolo Ardoino, the shared CTO of Bitfinex and Tether, will be part of the partnership operations.
Bill Brindise, Bitfinex’s head of business development, expressed strong confidence in their broad range of services, advanced trading features, and robust infrastructure, and believes Hidden Road’s customers will appreciate the exposure to digital assets provided by their various products.
Just a few weeks before the announcement of this collaboration, Hidden Road put an end to its crypto services powered by the Bybit crypto exchange due to conflicts in Anti-Money Laundering (AML) processes and Know Your Customer (KYC) verification procedures, reported by online sources.
Bybit, a Dubai-based exchange recognized for its lax KYC policies, in May enforced mandatory KYC for users desiring to withdraw more than 20,000 USDT per day.
Established in 2018, Hidden Road offers prime brokerage across multiple assets including foreign exchange, precious metals, and crypto. In April 2024, the firm aimed to raise an additional $120 million in funding, targeting a $1 billion valuation.
Michael Higgins, Hidden Road’s global head of business development, emphasized the company’s commitment to giving clients access to current technology and efficient workflows for a smooth user experience across various products and assets, especially digital assets, on their platform. He further added that the integration with Bitfinex is a step forward in expanding the accessibility and choice for their clients, and it affirms their efforts to offer their counterparties access to this leading venue.
Neither Hidden Road nor Bitfinex provided a comment about their recent partnership at the time of publishing.
Published At
6/13/2024 4:00:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.