Cryptocurrency exchange Bitstamp has selected Cinnober, a specialist in exchange and clearing technology solutions, to deliver its trading system for cryptocurrencies.
Bitstamp is replacing an in-house developed matching engine with Cinnober’s TRADExpress Trading System in a move aimed at increasing capacity and capabilities of its marketplace. The software will be hosted and operated by Bitstamp.
“This is a crucial step on our mission to bridge the gap between crypto and traditional finance,” says Nejc Kodrič, CEO of Bitstamp. “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.”
Bitstamp was founded in 2011 and its Luxembourg entity was the first cryptocurrency exchange to be granted a payment institution license in the EU. It is among the four bitcoin exchanges that have provided pricing data for the Chicago Mercantile Exchange’s (CME) cryptocurrency indices since 2016. Bitstamp was recently acquired by Belgium-based investment company NXMH.
The new trading system from Cinnober is designed to allow Bitstamp to meet any amount of demand, continuing the company’s track record of stable trading even during times of extreme market growth. This is essential for providing a reliable service in all conditions within the rapidly evolving crypto industry.
“We are excited to announce this partnership with Bitstamp, facilitating continued success for their marketplace,” says Peter Lenardos (pictured), CEO of the Cinnober Group. “Bitstamp is one of the world’s leading bitcoin exchanges and has a position of trust in the digital currency trading community. By upgrading their trading technology to further improve performance and stability as interest from investors and regulators grow, they demonstrate their firm commitment to providing a safe and reliable marketplace.”