Bitfinex partners with Citadel-backed broker Hidden Road to woo institutional traders

Citadel Securities-backed brokerage firm Hidden Road has partnered with Bitfinex just two weeks after cutting ties with Bybit.

Bitfinex will now offer access to crypto to institutional investors using the services of leading broker Hidden Road, backed by Citadel Securities.

Through the partnership, Hidden Road’s “extensive institutional investor base” will gain access to Bitfinex’s list of supported cryptos, the crypto exchange said in a June 13 press release. While the terms of the partnership were not disclosed, the exchange emphasized that institutional investors will benefit from services such as peer-to-peer financing, over-the-counter markets and margin trading.

Commenting on the partnership, Hidden Road’s head of global business development, Michael Higgins, said the integration with Bitfinex “underlines our efforts to increase access and choice, and we are delighted to offer our counterparties access to this exclusive venue.”

The partnership comes just weeks after reports emerged that the London-based brokerage had stopped offering its clients the ability to trade on Bybit, citing a “disagreement” between the two companies regarding Bybit’s know-your-customer and anti-money laundering procedures.

Founded in 2018 by Marc Asch, Hidden Road provides cross-margin and margin financing across cash, cleared derivatives and over-the-counter swap products. The firm also offers premium crypto-focused brokerage services.

Hidden Road raised $50 million in a Series A funding round led by Castle Island Ventures in 2022. Other investors included Citadel Securities, FTX Ventures, Uncorlation Ventures, Greycroft, XBTO Humla Ventures, Wintermute and Coinbase Ventures.