Bitfinex announced on Wednesday that it had teamed up with Koine to debut the much-anticipated crypto custody services feature to its customers on its platform .
With the new development meant to woo large scale investors to their platform, Bitfinex has promised traders and its entire customer base that their assets would be under the strictest of security protocols. CTO of Bitfinex was quoted as saying that the new move is bent on wooing institutional and large scale traders to trade on their platform while promising to secure their assets.
Crypto custody services a smart move
Paolo Ardoino , CTO of Bitfinex said:
The dream is to build a platform that would favor institutional investors, and the partnership with Koine is set to provide the framework for the platform. We were looking to build something that would provide the crypto world with a movement in the right direction, and this crypto custody service is the ideal collaboration for the platform.
Koine, which is regulated under the FCA, is based in the United Kingdom is a firm that specializes in the security aspect of the digital market. The firm will provide security-related services to the partnership, thereby making it one of the crucial elements of the platform. The firm further stated that its customers who are on the Bitfinex platform would be able to enjoy credit for their trades on the platform.
Bitfinex continues to expand its services
Asides the controversial aspect of their business, Bitfinex is extending its tentacles in the digital asset industry, with the company debuting a social platform that allows traders to rub minds. In the same vein, Koine is currently in partnership with top crypto service providers to provide custodian services.
The company recently announced a collaboration with OTC, a broker based in the same city as Koine. CEO of Koine, Hugh Hughes, said:
Our partnership with Bitfinex is important in our evolution journey because the crypto custody services is something we are good at. This partnership aims to bring customers with the same physical, financial institution feel.