On January 7, 2019, Bitfinex and Market Synergy launched a joint connectivity network that gives institutional investors access to the Bitfinex digital asset gateway.
As per the announcement from Bitfinex, the partnership is designed to help bring digital assets to investors and brokers by way of providing institutional standard cryptocurrency connectivity and security.
Market Synergy will also provide a FIX feed and ISP to Bitfinex’s asset gateway, the project had first been announced last year via Twitter.
Bitfinex is collaborating with Market Synergy to offer institutional calibre cryptocurrency connectivity and hosting services. https://t.co/rH1NcNbjn4
— Bitfinex (@bitfinex) July 11, 2018
Market Synergy is a part of the FXecosystem group which also comprises of FXecosystem and Bondecosystem.
The focus of FXecosystem is to provide top-notch digital asset connectivity for investors. The company is offering faster onboarding, low latency and cheaper connectivity with which institutional crypto investments can be made easier.
This partnership is meant to benefit institutional traders and brokers to connect to the Bitfinex network in order to offer a diverse digital asset portfolio to investors.
The partnership was first announced in July 2018 when Market Synergy was picked to create a custom network for Bitfinex. The network took some downtime to complete this data migration but it has since gone live as of January 7, 2019.
In a press release James Bannister, the CEO of Market Synergy said, “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.”
The Importance of Institutions
When cryptocurrencies first began, their only backing was the early adopters who believed in its potential. Over the last few years, cryptocurrency has seen significant growth in its adoption around the world, both as a means of payment and as an investment tool.
One of the biggest drivers of this progress is the institutional investment that cryptocurrency has received. As the industry has grown, a number of large firms in various sectors such as logistics and communications have embraced blockchain and cryptocurrency, increasing its user-base and pushing it into public consciousness.
A partnership with Market Synergy only serves to make it easier for institutional investors to find its way to the industry and in turn, grow the market substantially.
This sentiment has been echoed by the management at Bitfinex, with Paolo Ardoino, the CTO, Bitfinex saying, “working with Market Synergy, we have been able to take a pioneering step forward with our data migration to dedicated private servers.”
2018 was a huge year for blockchain collaborations that attracted institutional investors and has set the stage for 2019, which seems to be shaping up in a similar way.