Foxbit says that Parfin’s solution will speed up operations. Photo: Art Rachen, Unsplash.

The Foxbit cryptocurrency exchange will be the first company to use Parfin’s Crypto Plug and Play solution. Fintech started operating last January and is an initiative of executives who have worked in the conventional financial market. His focus is on custody, trading and management of digital assets.

His idea with the service is to connect the world of cryptocurrencies to digital banks, investment platforms and the over-the-counter (OTC) market. There is a strong focus on institutional clients.

A Parfin says other customers are deploying the solution, including financial institutions as well as over-the-counter cryptocurrency companies.

“The tool works through APIs or customizable web interface. In this way, institutions are able to offer cryptocurrency trading directly from their applications,” said Parfin.

“Crypto Plug and Play connects institutional investors end-to-end with cryptoactives. It is a robust tool that guarantees transparency and protection”, said Marcos Viriato, CEO of Parfin.

According to the CEO of Foxbit, João Canhada, the solution will provide “agileness and autonomy for clients to carry out operations on their own. Furthermore, transactions will take place in an exclusive area. They will also be automated”.

Parfin claims to have clients with more than R$300 million in assets under management. However, the company expects to surpass R$ 1 billion by the end of the year.