The next wave of Bitcoin growth just got closer to shore with the announcement that
AlphaPoint, a financial tech platform provider, has been selected by
Bitfinex, a major digital currency exchange, to enhance its backend technology.
AlphaPoint, with offices in Philadelphia, New York and San Francisco, also recently announced $1.35 million in funding, including $250,000 from
Ben Franklin Technology Partners of Southeastern Pennsylvania.
Bitcoin, the most widely used digital currency with an
estimated market value of $5 billion, experiences about 80,000 transactions a day. Bitfinex claims to be the largest U.S. dollar/Bitcoin exchange.
AlphaPoint's Exchange Platform is capable of processing nearly a million transactions a second.
"By offloading some of the backend functionality to the AlphaPoint Exchange Platform, Bitfinex can focus on strategic goals and its most important asset: customers," says Vadim Telyatnikov, a Philadelphia-based serial entrepreneur who joined AlphaPoint as CEO this summer. "As the digital currency market matures, our solutions allow organizations -- from powerhouse players like Bitfinex to startups looking to launch an exchange -- to remain one step ahead of the market."
The $1.35 million in funding will enable AlphaPoint to "significantly increase our development team and assist with our international growth; a large portion of those hires will be made in our Philly office," says spokesperson Natalie Telyatnikov.
"The applications for digital currencies are just starting to take shape and we're at a key turning point," adds Vadim. "AlphaPoint will continue to help accelerate the growth of this industry by empowering businesses with the ability to provide every person in the world easy access to buy and sell digital currency.”
Source: Natalie Telyatnikov, AlphaPoint
Writer: Elise Vider