AlphaPoint's secure, scalable and customizable technology platform will support Bitfinex's rapid growth.
AlphaPoint, a financial technology platform provider that is powering the top global digital currency exchanges today, announced at Money20/20 it has been chosen by Bitfinex, one of the world’s largest digital currency exchanges, to enhance its backend technology and enable the company to maintain its rapid growth.
Preparing for the Next Wave of Bitcoin Growth
Bitfinex, the world’s largest and most feature-rich exchange for trading bitcoins and US Dollars, continues to gain market share, outdistancing its competitors by providing the deepest markets, the most volume, and a proven commitment to customer service. In preparation for the next wave of expansion in the digital currency space, Bitfinex aims to add the fastest executions and greatest order throughput to its list of competitive advantages. To this end, Bitfinex has evaluated technologies that would scale with its long-term needs and be agile enough to constantly evolve in this fast-paced industry while still allowing the company to focus on customer relationships and strategy.
"To embrace a technology from a third party, rather than build it ourselves is a tough decision, as we do not outsource core functionality lightly,” said Josh Rossi, VP of Business Development at Bitfinex. “However, once we had the opportunity to look under the hood of the AlphaPoint platform, we found them to have the best enterprise backend solution to address our needs for the present and the future, allowing us to really focus on what we do best: create innovative new products and features, while focusing on delivering value to our customers.
Key Expected Benefits
By embracing the AlphaPoint Exchange Platform, Bitfinex will be able to rapidly and securely scale as the bitcoin and digital currency markets mature. Key benefits include:
- Rapid Scalability – The AlphaPoint platform is an enterprise solution capable of processing nearly a million transactions a second. This level of performance will ensure Bitfinex is prepared for both long-term growth and massive short-term trading volume spikes.
- Flexible Architecture – The flexibility and modularity of the AlphaPoint platform will allow traders and institutions to interact with Bitfinex’s liquidity in any way they are most comfortable (e.g. preferring FIX Gateway over another). With Web-based trading tools, AlphaPoint’s front-end technology will help improve the overall digital currency trading experience.
- Technology Expertise – By partnering with an experienced technology provider with more than 35 years of combined fintech and security systems experience, Bitfinex is able to focus on long-term goals and its first priority, customers.
“By offloading some of the backend functionality to the AlphaPoint Exchange Platform, Bitfinex can focus on strategic goals and its most important asset, customers,” said Vadim Telyatnikov, CEO of AlphaPoint. “As the digital currency market matures, our solution allows organizations from powerhouse players like Bitfinex, to startups looking to launch an exchange, remain one step ahead of the market. We are honored Bitfinex has selected AlphaPoint to support its long-term goals.”
This announcement comes on the heels of AlphaPoint’s recently announced funding of $1.35 million to support the company’s international growth and development of its products and services, and enable the company to more swiftly ease the adoption of digital currencies around the world.