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Bitfinex Responds To Growing Institutional Demand With Sub-Account Feature

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Crypto Exchange Bitfinex Cancels Sale of Kim Dotcom’s Digital Currency
Crypto Exchange Bitfinex Cancels Sale of Kim Dotcom’s Digital Currency

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Bitfinex stands as one of the leading crypto exchanges the world has to offer. Recently, the exchange has successfully launched a new feature: Sub-accounts. What this means is that various users have the ability to create an array of separate trading accounts, linking them all to one master account.

New Tools For Institutional Traders

This new feature is something that is common practice in the better-developed conventional exchanges. One that institutional clients have been demanding from the crypto market for quite some time now. With this new feature open to be used by the institutional clients, sophisticated crypto trading strategies can now be enabled through the use of these master/sub-accounts.

With this new feature, users will be capable of creating up to 100 separate subsidiary trading accounts, all tied to one master account. This master account can retain full authority regarding the sharing of funds between accounts, as well as maintaining full managerial control. Verified corporate users acting as institutional traders will be capable of delegating different access levels for their various employees within the same business entity. All of this will be possible with the new sub-account feature.

The Mandatory Kind Words

Paolo Ardoino, the Chief Technical Officer of Bitfinex, gave a public statement in regards to this matter. He explained that there had been an incredible demand within the institutional trading sector, to create a more sophisticated method of accessing the crypto markets.

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Arduino explained that this new sub-account feature would enable these institutional clients to enact a vast array of trading strategies through these different accounts. Furthermore, Arduino states that this proves his exchange’s ability to meet institutional traders’ needs as they continue to seek more and more sophisticated strategies.

New Age On The Horizon

These master accounts of the new feature will be capable of performing a variety of tasks. These tasks include switching to specific sub-accounts and changing various details, setting various security restrictions on sub-accounts, and identifying the verification status desired within each sub-account. An important note is that a user’s sub-accounts email must first be verified for these functions to work correctly.

Every so slowly, the world is starting to accept the crypto world as a mainstream facet of the financial industry. As the growing pains of the cryptoverse slowly ebb and flow, so too will the increased innovation in this relatively fledgling sector. It’s only a matter of time before the countries start developing their own crypto coin, and then the world will enter the full embrace of the cryptocurrency’s technology.

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