Popular

Bitfinex now allows creating up to 100 trading accounts within one master account

advertisement

Cryptocurrency exchange Bitfinex has added a new feature on its platform, which allows institutional traders to create up to 100 accounts within one master account.

The “sub-account” feature has been enabled due to growing institutional demand, said Bitfinex, adding that it will allow users to deploy various trading strategies at the same time.

“The master/sub-account feature will enable better risk management and asset allocation,” Paolo Ardoino, CTO at Bitfinex, told The Block, adding: “A trading fund can divide trading accounts between different traders, and reconcile profit and loss across each trading account (this provides transparency as the performance of each individual trader is available).”

The new feature will also offer users trading fee discounts, said Bitfinex, as the exchange will use the combined trading volume of all linked accounts. Notably, the feature is not available to U.S. residents as they are not permitted to use Bitfinex.

Bitfinex is not the only crypto exchange to offer this feature. Binance has been offering up to 200 sub-accounts since December 2018. Gemini also recently introduced the feature with an "unlimited" number of sub-accounts.

Crypto exchanges, in general, appear to be attracting institutional investors. Just yesterday, Huobi Group launched a brokerage platform targeted at corporates and high net worth individuals.

Huobi Brokerage aims to provide the best order execution by routing clients’ orders to several crypto exchanges and over-the-counter (OTC) trading desks. It also supports block trading, customized financing and other solutions that appeal to institutional traders.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Here's how one of NYSE's largest market makers is breaking into DeFi

On this episode of The Scoop, founder Ari Rubenstein and founder & CEO Ryan Sheftel joined host Frank Chaparro to discuss the launch of their new crypto firm, called Radkl. Radkl, which was born out of trading firm and New York Stock Exchange market maker GTS, is a new digital asset trading business. GTS currently […]
Read Full Story
Oct 20, 2021, 2:23PM UTC
More