Hidden Road, a leading prime brokerage supported by Citadel Securities, a major American market maker, is expanding institutional exposure to digital assets through a collaboration with Bitfinex.
Bitfinex recently revealed a partnership with Hidden Road on June 13, which will empower the brokerage’s institutional services with additional digital assets and security tools.
Through this alliance, Bitfinex will assist Hidden Road in launching or expanding services like derivatives trading, spot trading, peer-to-peer financing, over-the-counter (OTC) trading, margin trading, and more.
Hidden Road’s new associate is managed by the owner of Tether, a prominent stablecoin issuer. Bitfinex, a cryptocurrency exchange owned by iFinex, also operates Tether. Paolo Ardoino, the CEO of Tether, also holds the position of chief technology officer (CTO) at Bitfinex.
“We take pride in providing our customers at Bitfinex with innovative trading features, deep liquidity, and a wide range of trading pairs, all supported by a robust infrastructure fortified with strict security measures,” stated Bill Brindise, head of business development at Bitfinex.
“I am confident that clients of Hidden Road will appreciate exploring the various products we offer to assist institutional and professional investors in gaining exposure to digital assets,” he added.
Recently, Hidden Road ceased its collaboration with Bybit in May due to KYC issues. The decision was made following conflicts in Know Your Customer (KYC) verification procedures and Anti-Money Laundering (AML) processes between Hidden Road and Bybit.
Founded in 2018, Hidden Road offers prime brokerage services across various asset classes, including foreign exchange, precious metals, and cryptocurrency. The company had plans to raise $120 million in fresh funding in April 2024, aiming for a valuation of $1 billion.
“Hidden Road is dedicated to providing our clients with cutting-edge technology and efficient workflows for a seamless experience across products and asset classes on our platform, including digital assets,” stated Michael Higgins, global head of business development at Hidden Road.
“Our integration with Bitfinex highlights our commitment to enhancing access and choice, and we are delighted to offer our counterparties access to this distinguished venue.”
Cointelegraph reached out to Hidden Road for a comment on the partnership but did not receive a response at the time of publication.