The Client

Bitfinex is a leading cryptocurrency exchange that launched in 2012.  As a pioneer in the space, they have been on the forefront of the adoption of new technology which expands the availability of digital assets.  

The Challenge

As an early entrant into the crypto space, Bitfinex had built sophisticated APIs for its exchange platform, but given that most trading was non-institutional, it had not implemented FIX protocol, the standard electronic communications protocol for the capital markets. With increasing adoption of digital assets by institutions, Bitfinex had growing demand to support a FIX gateway for the exchange to accept institutional order flow.

As Bitfinex began looking into FIX, they came upon the widely adopted QuickFIX open source library, and discovered Connamara’s work in QuickFIX  as an author and maintainer.  This background provided Bitfinex the confidence they required to engage Connamara as they embarked on their FIX project.  In particular, Bitfinex noted Connamara’s expertise in the Golang programming language (Golang is popular in the cryptocurrency space) as the author and maintainer of QuickFIX/Go a Golang version of the popular open source library (also available in C++, C#, and Java). As a result, Bitfinex contracted Connamara to provide FIX advisory services to lead them in their effort of bridging the methods they had adopted in the new dynamic digital assets space with the established approach and technology expectations of the traditional capital markets. 

The Solution

The relationship evolved rapidly from advisory and support services to an engagement for Connamara to develop a FIX gateway from the ground-up.  Working directly with Bitfinex CTO, Paolo Ardoino, Connamara designed, implemented, and delivered a state-of-the-art FIX Gateway to Bitfinex in a few short months.  Like Connamara, Bitfinex is a strong advocate of open-source software and the power of the community to continually improve the trading experience for their customers, and have made the FIX gateway available here.

The Results

Connamara successfully delivered a fully functional FIX gateway on time and on budget. Support for FIX separates Bitfinex from other cryptocurrency exchanges, allowing the company to support the ever-growing interest from the institutional trading community and to remain a leading innovator in the exciting digital assets industry. With the FIX gateway, the time and effort required by institutional traders to connect to Bitfinex is greatly reduced, making it much easier for Bitfinex to onboard new customers.

“The FIX gateway Connamara built is comparable to the best I’ve seen in the crypto space, and has enabled us to improve the efficiency of digital asset markets and allow for streamlined access to cryptocurrency trading.”

-Paolo Ardoino, Bitfinex CTO