Apifiny Offers 'Exchange of Exchanges' for Professional Crypto Traders

Crypto trading platform Apifiny is offering a new product bringing traders access to technology the firm uses to make markets across exchanges.

“Apifiny essentially acts as a broker and a self-directing order router to dozens of exchanges we connect to,” CEO Haohan Xu said. “In this product we offer traders access to liquidity and price discovery from all the exchanges that we have on there.”

Called Apifiny Connect, the service allows traders to trade between 20 different exchanges, including Crypto.com, Huobi Global, OKEx, KuCoin, AscendEX (formerly Bitmax), HBTC and Blockchain.com.

Apifiny claims to have reached $1.4 billion in trading volume on its market-making product from November 2020 to April 2021, and that it works with 23 of the top 100 crypto exchanges by trading volume. 

Apifiny Connect offers benefits such as discounts on trading fees on each exchange by as much as 20% and colocation, in which a client’s server is placed in the same cloud as the exchange. Users can also transfer funds between sub-accounts to avoid having to pre-fund accounts on multiple exchanges.

Back in February, the New York-based company announced plans to go public by the end of 2021, saying it would use the raised funds to finance a major expansion.

Last month, its trading arm, Apifiny Prime, received a broker-dealer license from the U.S. Financial Industry Regulatory Authority, which the firm said would allow it to bridge the traditional finance and cryptocurrency markets and offer securities such as crypto funds.