The number of institutional investors in the crypto space continues to grow, so much so that crypto-exchange Bitfinex has scheduled an upgrade to its Matching Engine to handle the growing volumes.
Bitfinex, the crypto and token exchange, during its peak trading periods, has a capacity to handle daily volumes that already amount to $10 billion. However, the entry of major participants from conventional financial markets has posed something of a challenge for the platform.
That’s why, despite the exchange’s successful performance in serving its users during volatile periods of crypto trading, the current upgrade will be able to enhance the handling capacity for institutional traders as well.
In fact, Bitfinex’s Matching Engine upgrade provides the exchange with the ability to handle ever-increasing volumes. What’s more, the upgrade comes as Bitfinex launches its native Financial Information eXchange (FIX) Application Programming Interface (API) protocol.
This is an industry-standard for participants in conventional markets such as Forex and equities, for which FIX provides optimal trade execution speeds.
In this regard, Paolo Ardoino, CTO of Bitfinex said:
“Bitfinex has time and time again stood out during episodes of extreme volatility as an exchange able to maintain an impeccable performance regardless of market conditions. This latest upgrade to the Bitfinex matching engine consolidates the exchange’s position as the pre-eminent platform in the digital token space. Rather than rest on our laurels, our team of trading technology experts have an incessant desire to push back the envelope in technological innovation and performance.”
Bitfinex’s upgrade and cutting-edge trading strategies
By strengthening and enhancing its trading system through the upgrade, Bitfinex aims to establish itself as a major hub for market makers in conventional markets seeking exposure to the digital token space.
Strategies in offering state-of-the-art trading are possible thanks to the very performance the exchange offers in the crypto market, while also incorporating new institutional entrants accustomed to traditional types.
In this regard, in partnership with Market Synergy, an institutional connectivity provider, Bitfinex went live with an institutional calibre connectivity offering in January 2019, allowing firms to take a FIX feed or ISP connection to Bitfinex’s digital asset gateway.
A continued strategic evolution from the exchange which, as early as last month had also announced that it was ready by the end of 2021 to launch its own STO or Security Token Offering platform.