Helen Partz11 hours agoHidden Road partners with Bitfinex after Bybit KYC issuesAfter halting support for BybBit’s crypto services in May 2024, Citadel-backed Hidden Road inked a new crypto partnership with Bitfinex exchange.389 Total views15 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksHidden Road, a prime brokerage backed by the American market maker Citadel Securities, is enhancing institutional exposure to digital assets through a partnership with Bitfinex.
On June 13, Bitfinex announced an integration with Hidden Road, which will provide the brokerage’s institutional offering with new digital assets and security tools.
With the partnership, Bitfinex will support Hidden Road in introducing or scaling services such as derivatives trading, spot trading, peer-to-peer financing, over-the-counter (OTC) trading, margin trading and others.Hidden Road’s new partner is operated by the owner of Tether
Bitfinex is a cryptocurrency exchange owned and operated by iFinex, which also owns Tether, the issuer of the world’s largest stablecoin, the eponymous Tether (USDT). Tether CEO Paolo Ardoino also serves as chief technology officer (CTO) at Bitfinex.Paolo Ardoino, CEO of Tether and CTO of Bitfinex. Source: Fortune
“We at Bitfinex are proud to offer customers cutting-edge trading features, deep liquidity, and a wide range of trading pairs, all supported by a robust infrastructure fortified with stringent security measures,” Bitfinex’s head of business development, Bill Brindise, said.
“I am certain that Hidden Road’s customers will enjoy exploring the different products we provide to help institutional and professional investors gain exposure to digital assets,” he added.Hidden Road stopped working with Bybit over KYC issues in May
The new collaboration comes a few weeks after Hidden Road halted crypto services facilitated by the Bybit crypto exchange in late May. According to online reports, the restriction was triggered by conflicts in Know Your Customer (KYC) verification procedures and Anti-Money Laundering (AML) processes on Hidden Road and Bybit.
Headquartered in Dubai, Bybit exchange is known in the cryptocurrency community for its relatively light KYC policies. In early May, Bybit introduced mandatory KYC for its users, but it only affected those wanting to withdraw more than 20,000 USDT per day.
Related:Ripple partners with National Bank of Georgia to digitize economy
Founded in 2018, Hidden Road provides prime brokerage across asset classes, including foreign exchange, precious metals and crypto. In April 2024, the company reportedly planned to raise $120 million in fresh funding, eyeing a valuation of $1 billion.
“Hidden Road is committed to providing our clients with modern technology and streamlined workflows for a seamless experience across products and asset classes on our platform, including digital assets” said Michael Higgins, Hidden Road’s global head of business development.
“Integrating with Bitfinex underscores our efforts to enhance access and choice, and we are happy to offer our counterparties access to this preeminent venue.”
Cointelegraph approached Hidden Road for a comment regarding the collaboration but did not receive a response by publication.
Magazine:‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters# Bitcoin# Business# Investments# Bitfinex# United StatesAdd reaction