Trading platform Bitfinex launches $280m crypto hedge fund Fulgur Alpha

Digital asset trading platform, Bitfinex, launched on Wednesday the $280 million Bahamas-based absolute returns crypto hedge fund, Fulgur Alpha.

Fulgur Alpha is accessible only to professional investors and aims to increase the size of its assets. Onboarding the fund will help establish the platform as an exchange offering a robust trading infrastructure.

Last week, crypto exchanges BitMEX and Gemini went offline for a short period during the market turbulence. The markets saw a plunge of bitcoin by 50 percent. During that time Bitfinex was able to process trading volumes of more than $1billion.

Delchain Limited, licensed provider of custody, banking, capital markets an initial offering advisory solution for digital assets, holds Fulgur Alpha’s assets. The Bahamas-based fund administrator Deltec Fund Services supervises the regulatory aspect of the project.

Paolo Ardoino, Chief Technology Officer at Bitfinex commented:

Paolo Ardoino

It is really rare that a fund of this size chooses to trade almost exclusively in a single location. The onboarding of Fulgur Alpha cements Bitfinex’s position as the go-to venue for major crypto funds, market makers and arbitrageurs.

Bruno Macchialli, Executive Head of Operations at Delchain stated:

We’re bringing a traditional fund set up to the crypto space, with a diversification of risk, making this a unique proposition that has not been seen before. This represents a blueprint for institutional investment in crypto, leveraging the required liquidity and custody solutions.

James Banister, CEO, Market Synergy added:

Attracting a fund of this size is a great validation of Bitfinex’s institutional offering and we are very proud of the role we have played in developing its robust infrastructure. Our bespoke, high performance network for Bitfinex held up well through recent extreme trading conditions during which tremendous volumes were processed. This, combined with the onboarding of Fulgur Alpha, should provide further evidence to financial institutions worldwide that Bitfinex is fully committed to investing in and evolving its institutional offering.

Bitfinex offers Application Program Interface (API) and intuitive, user-friendly User Interface (UI) that attract attracting professional investors. The platform’s scalable infrastructure and connectivity supports a variety of strategies, such as High Frequency Trading (HFT).

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