Bitfinex Rolls Out Institutional Custody Service
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May 13, 2020

The Bitfinex cryptocurrency exchange in cooperation with Koine, a London-based digital asset custody provider, has rolled out an institutional-focused crypto custodian service, Finextra reports.

Koine customers will reportedly be able to get a line of credit on Bitfinex using bitcoin (EXANTE: Bitcoin) or other cryptocurrencies held with Koine.

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Bitfinex CTO Paolo Ardoino says in collaboration with Koine for the delivery of custody post-trade infrastructure, the exchange makes another step "on the path towards massive institutional participation in the crypto-trading market."

"We have always focused on building a service fit for institutional trading," Ardoino added.

Koine’s security model, which deploys Digital AirlocksTM, replaces the cold storage and hot wallet model that can compromise the security of private keys as a result of still needing to be "eye-balled" by staff, a press release says.

Earlier iHodl reported that the revenue of the popular crypto trading platform Bitfinex doubled during the first quarter of the year.

The exchange made a revenue of about $21.4M in Q1 2020, an increase of 96% compared to the last quarter of last year, when the revenue stood at $10.91M.

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