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Bitfinex finds its new partner, Market Synergy to provide network support

Priyamvada Singh



Bitfinex finds its new partner, Market Synergy to provide network support
Source: Pixabay

Bitfinex, on 11th July, tweeted the announcement of its collaboration with a Swiss-based company called Market Synergy GmbH, a network equipped with smooth and unfragmented cryptocurrency trading. Bitfinex chose this firm for its advanced connectivity with various institutions.

Bitfinex's recent tweet | Source: Twitter

Bitfinex’s recent tweet | Source: Twitter

The company outsources connectivity and hosts services to Bitfinex. The network that Market Synergy has designed for Bitfinex is set up in a data center of the famous Crypto Valley of Zug, Switzerland. Bitfinex also mentioned other services offered by Market Synergy. The blog stated:

“Market Synergy can also manage co-location services for Bitfinex’s institutional clients and offer a FIX feed and ISP link to the digital asset gateway which Bitfinex recently launched in collaboration with Connamara.”

Bitfinex is a cryptocurrency trading platform that enables traders and liquidity providers to opt for the most advanced services available in the industry. It was founded in 2011, the platform has a unique suite of trading features and charting methods.

The CEO of Market Synergy, James Banister, on the collaboration spoke about the increasing demand for digital asset trading and its firm grip on the industry. He explained that his firm observed a market requirement for a superior cryptocurrency network to serve an institutional client base.

Market Synergy on their blog has expressed joy in serving one of the largest cryptocurrency exchanges and managing their connectivity. The network has made joint efforts with Bitfinex to understand their specific requirements and accordingly pick a data center to build a suitable infrastructure for the new network. The platform added:

“We are now ready to go live, having invested in and set up our infrastructure in a secure data centre in Switzerland which hosts servers for a number of major financial institutions.”

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Priyamvada is a full-time journalist at AMBCrypto. A graduate in Journalism & Communication from Manipal University, she believes blockchain technology to be a revolutionary tool in advancing the future. Currently, she holds no value in cryptocurrencies.


Rabobank announces plans to drop its crypto-project

Sarvesh Kumar



Robobank to drop its plans of having their own crypto-wallet
Source: Pixabay

Rabobank, a bank based out of The Netherlands, has decided to drop their idea of creating their own native cryptocurrency called Rabobit. The bank had announced their cryptocurrency plans in February 2018. Rabobank was looking at closing the gap between banks and cryptocurrency wallets. However, they have taken this decision after exploring the field for more than a year.

According to a report by Hard Fork, a spokesperson from the bank said,

“After careful consideration with our customers in mind, we recently decided that now is not the time to develop the idea further and bring it to the next phase of innovation”

Their cryptocurrency idea was part of the Rabobank Moonshot program, which was looking at boosting innovation in Fintech services. The bank does not consider their research a waste, but the same has led to valuable insights and experience in general, the spokesperson added

The spokesperson also said,

“We have learned valuable lessons about our customers and the crypto market and on how to design blockchain and crypto applications.”

The spokesperson cited regulatory uncertainty as the reason why the Dutch institution pulled out of the project. Although the bank has dropped the idea, they will be keeping a tab on the market and the regulatory changes in the industry.

Rabobank is not the only bank to drop the idea of having a cryptocurrency wallet. Recently, ABN AMRO, another Dutch bank, also dropped their plans of “Wallie,” their own cryptocurrency wallet. The reason for their drop was also with respect to regulatory conditions in the industry.

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