Cryptocurrency exchange Bitstamp has inked a strategic partnership with clearing technology solutions provider, Cinnober. The partnership comes at a time when the cryptocurrency exchange is planning a revamp of its in-house developed matching engine.
Likewise, Cinnober is to furnish the exchange with a new trading system for digital coins. Bitstamp has consequently agreed to leverage Cinnober’s TRADExpress Trading System, to increase its marketplace capacity and capabilities. Therefore, the exchange is to host and operate the software.
The new system should boost Bitstamp’s ability and capacity to match orders in a high market activity environment. A speed boost should in return help the exchange provide an institutional trading service. As a result, the exchange should be able to add new order types and trading pairs without triggering a drop in performance.
According to Bitstamp Chief Executive Officer, Nejc Kodric, the integration marks an important milestone. Similarly, it should go a long way in helping bridge the gap between cryptocurrency and traditional finance.
“Our matching engine will be on par with traditional exchanges in both speed and throughput, once again placing Bitstamp on the technological frontier of crypto trading. We chose Cinnober because of their proven track-record in worldwide financial marketplaces, their understanding of our vision and ability to work closely with us to customize the technology to meet our needs,” said Mr. Kodric.
According to Cinnober CEO, Peter Lenard, the integration demonstrates Bitstamp’s commitment to providing customers with safe and reliable cryptocurrency marketplace.
Bitstamp has resorted to new technology integrations as it looks to strengthen its competitive edge. The new trading system from Cinnober should, above all, help the exchange meet growing demand for trading services. It should also help the company maintain its continued track record of stable trading during extreme market conditions.
Launched in 2011, Bitstamp became the first ever exchange granted a payment institution license in Europe. The exchange is also among the only four Bitcoin (BTC) exchanges allowed to provide pricing data for the Chicago Mercantile Exchange (CME). In the recent past, it has completed the acquisition of investment company NXMH as it continues to expand its footprint.
Cinnober, on the other hand, has made a name for itself for providing world-class trading and clearing solutions. Its multi-asset trading system currently provides a reliable trading solution for cryptocurrency exchanges. The system is ideal for marketplaces dealing with increased market volumes. It is also an ideal platform for addressing institutional investors’ expectations and regulatory requirements.
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