The team of P2P bitcoin exchange Hodl Hodl, announced today it has entered a strategic partnership with its existing shareholder Bitfinex, the popular crypto exchange company. First of all, users of the Hodl Hodl Lend service will soon see an influx of new users and more liquidity.
In first establishing a partnership, Bitfinex showed interest in Hodl Hodl’s API, examining various solutions that could be built on top of Hodl Hodl’s existing services. Now, aside from providing a liquidity boost, the teams are exploring building non-custodial bitcoin lending solutions atop the Lightning Network.
In regards to Lightning, recently, Hodl Hodl and Pandora Core partnered to explore development opportunities for a Lightning-based DEX. Pandora Core is currently working on the RGB concept, a smart contract system able to run on the Lightning Network, designed with privacy and scalability in mind.
Bitfinex has been one of the first to support RGB and, together with Hodl Hodl and Pandora; plans to help further develop the system and increase its adoption. For Hodl Hodl, RGB introduces an opportunity for the development of non-custodial solutions based on the Lightning Network.
“We are very excited to partner with such an experienced and influential industry player. The knowledge and professional experience that we could draw from the Bitfinex team is priceless. We believe that partnering with Bitfinex will contribute to the success of our company; mainly because of the resources that are being opened to us, but there is also much more to be excited about. It is important to affirm that the Hodl Hodl team will remain independent and adhere as always to the fundamental value of creating non-custodial, anonymous, and exclusive products for bitcoin. We are very proud of our entire group of shareholders and the unique value they bring to the development of our company and the entire industry. Together we are building a better product!”
– Max Kei, CEO of Hodl Hodl