Bitfinex launches FIX gateway to address institutional adoption of crypto

Rick Steves

“This builds upon the high-speed infrastructure that the exchange already has put in place to provide users of the platform with an optimum, high-performance trading experience.”

Bitfinex has launched a Financial Information eXchange (FIX) gateway amid a surge in demand for high-speed connectivity among the exchange’s growing user base.

The message routing service using the FIX protocol will be adopted by the cryptocurrency exchange to enable institutional customers to use their existing FIX infrastructure in order to connect to the Bitfinex platform.

FIX Gateway offers lowest latency at Bitfinex

The introduction of FIX will prevent bottlenecks on the platform, particularly during episodes of high levels of volatility, thereby enhancing overall levels of latency and performance on the platform.

FIX is a language used extensively by institutional customers and trading platforms to communicate trade information. The non-proprietary, free and open standard is constantly being developed to support evolving business and regulatory needs, and is used by thousands of firms every day to complete millions of transactions.

Comprised of a series of messaging specifications used in trade communications, the FIX Protocol language was originally developed to support shares trading in conventional financial markets in the pre-trade and trade environment.

It is now experiencing rapid expansion into the post-trade space, supporting straight-through processing (STP) from indications of interest (IOI) to allocations and confirmations.

Paolo Ardoino, Chief Technology Officer at Bitfinex, said: “Bitfinex has a growing footprint among institutional customers and we anticipate a ready uptake of our new FIX Gateway.

“The FIX Gateway is robust, offering the lowest latency. This builds upon the high-speed infrastructure that the exchange already has put in place to provide users of the platform with an optimum, high-performance trading experience.”

iFinex emerges as key player in global crypto regulation

iFinex, the company behind the cryptocurrency exchange Bitfinex and Tether, has been chosen to help El Salvador create the country’s digital assets and securities regulatory framework to regulate, issue, and operate digitized financial instruments.

The company will bring its expertise in operating a digital asset exchange and various activities in the cryptocurrency economy as the El Salvador Government creates and implements appropriately balanced cryptocurrency laws, regulations, rules, and guidelines.

The country wants to address digitized financial instruments in order to promote the growth of the cryptocurrency sector in El Salvador.

El Salvador was the first country in the world to declare Bitcoin as legal tender in a much controversial move. Even now, leaders in the financial system call President Nayib Bukele to rethink that decision, arguing that Bitcoin as legal tender is a risk to the country’s economy.

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