Bitfinex upgrades its Matching Engine to prepare for surge in institutional volume

Digital token trading platform Bitfinex has announced an upgrade to the exchange’s matching engine in a move that strengthens the its capacity to handle spikes in volatility as volumes continue to surge, driven by growing numbers of institutional investors entering the space.

The new upgrade gives the exchange the capacity to handle quickly growing volumes as the digital token space continues to attract major participants from conventional financial markets.

Bitfinex is a liquid exchange for bitcoin and Ethereum and as such has handled an exponential growth in order volume, servicing daily volumes of $10 billion during peak periods of trading activity. In this period, Bitfinex handled spikes in user activity that coincide with volatile trading. The number of real-time connections on the platform surged to 482,939 on 8 February 2021 following Tesla’s announcement of its $1.5 billion investment in bitcoin.

Bitfinex is also launching its own native Financial Information eXchange (FIX) protocol Application Programming Interface (API). As an industry standard for participants in traditional markets like Forex and equities, FIX provides optimum trade execution speeds.

Bitfinex Upgrade

Paolo Ardoino, CTO at Bitfinex, said:

Paolo Ardoino, Bitfinex

Paolo Ardoino

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.

James Banister, CEO at Market Synergy, added:

James Banister, Market Synergy

James Banister

We are exceptionally proud of Market Synergy’s role in Bitfinex’s journey, providing world-class, institutional calibre infrastructure which has proved to be incredibly robust. Being able to handle almost half a million real-time connections and daily volumes of US$10 billion dollars is an incredible achievement. Bitfinex has now made a substantial investment in scaling up its capabilities to future proof its offering and is in a strong position to accommodate the increasing numbers of financial institutions now entering the digital asset space.

In January 2019, Bitfinex, collaborating with institutional connectivity provider Market Synergy, went live with an institutional grade connectivity offering, allowing firms to take a FIX feed or ISP link to Bitfinex’s digital asset gateway. Bitfinex’s institutional customers can also take advantage of Market Synergy’s colocation services.

Read Also: