Hidden Road has partnered with Bitfinex after Bybit KYC issues.
Hidden Road, a prime brokerage backed by US market maker Citadel Securities, is partnering with Bitfinex to boost institutional exposure to digital assets.
On June 13, Bitfinex announced a merger with Hidden Street, which will provide the brokerage's institutional offering with new digital assets and security tools.
Along with partnerships, Bitfinex Hidden Road promotes or promotes services such as derivatives trading, spot trading, peer-to-peer financing, over-the-counter (OTC) trading, margin trading and others.
Hidden Path's new partner is powered by Tether.
Bitfinex is a cryptocurrency exchange owned and operated by iFinex and also the issuer of Tether, the world's largest stablecoin, known as Tether (USDT). Tether CEO Paolo Arduino serves as Chief Technology Officer (CTO) at Bitfinex.
Bill Brindish, Head of Business Development at Bitfinex, said: “We at Bitfinex are proud to offer our clients excellent trading features, deep liquidity and a wide variety of trading pairs, all backed by a solid infrastructure backed by strong security measures.”
“I am confident that Hidden Road clients will enjoy exploring the range of products we offer to help institutional and professional investors gain exposure to digital assets,” he added.
Hidden Path stopped working with Bybit on KYC issues in May
The new collaboration comes a few weeks after ByBit crypto exchange closed its doors to integrated crypto services in late May. According to online reports, the ban was triggered by clashes over Know Your Customer (KYC) verification processes and Anti-Money Laundering (AML) on Undercover and Bybit.
Headquartered in Dubai, Baybit exchange is known in the cryptocurrency community for its relatively easy KYC policies. In early May, Bybit introduced mandatory KYC for its users, but it only affected those who wanted to withdraw more than 20,000 USDT per day.
Related: Ripple partners with National Bank of Georgia to digitize economy
In the year Founded in 2018, Hidden Path provides prime brokerage in asset classes including foreign exchange, precious metals and cryptocurrencies. In the year In April 2024, the company plans to raise $120 million in new funding, valuing it at $1 billion.
Hidden Road is committed to providing our customers with state-of-the-art technology and streamlined workflows for a seamless experience across products and asset classes across the platform, including digital assets.
“Joining Bitfinex underscores our commitment to improving access and choice, and we are pleased to offer our partners access to this premier location.”
Cointelegraph reached out to Undercover for comment on the collaboration, but did not receive a response in print.
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