Bitfinex, one of the largest crypto exchanges, has announced that it has upgraded the matching engine of the exchange in line with the surge in volume and increase in the number of institutional investors and traders.
It has been one of the pioneers of the crypto exchange industry and it was probably time for a major infrastructure overhaul in keeping with the times and volumes. The trading volume all over the crypto trading world has increased many times over and it does make sense for the exchanges to upgrade their infra to accommodate this increase and also as a way of preparing themselves for the next big leap in volume which is likely to happen when the crypto prices finish ranging and begin to trend again.
Bitfinex has said that it has seen exponential growth in volume over the last few months with daily trading volume exceeding $10 billion during times of volatility. It also has been able to handle peaks of user activity which also happen when the market is moving fast and quoted an example of how the real-time connections reached 482,939 on February 8, 2021, when Tesla had announced that it was investing in bitcoin.
“Bitfinex has time and time again stood out during episodes of extreme volatility as an exchangeable to maintain an impeccable performance regardless of market conditions,” said Paolo Ardoino, CTO at Bitfinex. “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 has an incessant desire to push back the envelope in technological innovation and performance.”
Along with the upgrade in the matching engine, the exchange has also launched its FIX API which is the industry standard for institutional trading and this is likely to be greatly welcomed by larger traders as they look for fast and stable connections.
“We are exceptionally proud of Market Synergy’s role in Bitfinex’s journey, providing world-class, institutional caliber infrastructure which has proved to be incredibly robust,” said James Banister, CEO at Market Synergy. “Being able to handle almost half a million real-time connections and daily volumes of 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.”
The recent upgrades are very much in tune with what the institutional traders and investors would be looking for in crypto exchange and this also shows that Bitfinex and its infra partner, Market Synergy, are in here for the long haul with new features as the crypto space continues to grow and expand.