Crypto exchange Bitfinex announced the launch of a master account feature for its institutional clients.
Popular cryptocurrency exchange, Bitfinex recently released a new feature – one master account for all. It’s designed specifically for institutional clients, and it’ll provide them with faster transactional management, according to a blog post by the exchange.
The post revealed that with the new master account, traders get to manage and maintain up to 100 subsidiary accounts. With the main account serving as a fund distributor alongside several other related functions.
Besides, Bitfinex points out that it introduced the new feature due to high demand. Speaking on the launch, Bitfinex CTO, Paolo Ardoino highlighted that institutional traders kept demanding a more effective way of accessing the crypto market. Thus, this new feature by Bitfinex creates a sigh of relief.
What’s in store?
One of the benefits of this feature involves its ability to diversify trading techniques. The exchange does it by bringing together different accounts and ensuring they match the institutional clients’ requirements.
With the feature, users get to decide with which sub-account they should share verification data. Additionally, users get the opportunity to transfer cryptocurrency between the master account and any sub-account at any time.
That said, other cryptocurrency exchanges, like HitBTC, Gemini and CoinDCX already offer similar transactional features to their clients. But, the development helps Bitfinex step up its game.
Among other benefits, the sub-account feature offers share volume with fee discounts. Also, the availability of different trading strategies enables traders to monitor their strategies more conveniently and perfectly.
Before now, Bitfinex announced via its official Twitter handle that its users can now acquire cryptocurrencies with their debit and credit cards. Also, the cryptocurrency exchange announced a partnership with Bitrefill, a service for topping up mobile accounts and purchasing gift certificates.