Bitstamp Enlists a New Engine Developed by Cinnober to Become 1,250x Faster

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by Darya Rudz · 3 min read
Bitstamp Enlists a New Engine Developed by Cinnober to Become 1,250x Faster
Photo: Bitstamp / Twitter

Cryptocurrency exchange Bitstamp will replace its technology with Cinnober’s TRADExpress Trading System, which will make matching speed 1250x faster.

Bitstamp, European cryptocurrency exchange that allows USD, EUR, bitcoin, litecoin, ethereum, ripple or bitcoin cash deposits and withdrawals, has announced partnership withCinnober, a global independent provider of technology solutions for the finance industry with a view to “bridge the gap between crypto and traditional finance and push the technological frontier in crypto trading a step further”.

According to the article published by Bitstamp, the company will replace its in-house developed matching engine with Cinnober’s TRADExpress Trading System. The customized software “will be hosted and operated by Bitstamp.” Bitstamp believes that due to Cinnober’s proven track-record in worldwide financial marketplaces, understanding of Bitstamp’s vision and ability to work closely to customize the technology, the partnership will meet the needs of both sides.

David Osojnik, Chief Technology Officer at Bitstamp, said:

“While Bitstamp’s matching engine was already very good by crypto standards, this will put us in the same league as traditional exchanges with decades of experience. Our platform’s order matching speed is expected to become 1250x faster, while throughput will increase by 400x.”

Members of Cinnober’s team are excited about the deal as well. Founded in 1998, Stockholm-based Cinnober is is a long-established exchange and clearing tech provider. Among its clients are the Australian Securities Exchange (ASX), Brazil’s B3, Dubai Gold & Commodities Exchange (DGCX), Japan Exchange Group (JPX), the London Metal Exchange (LME), the Johannesburg Stock Exchange (JSE), and others.

Peter Lenardos, the CEO of the Cinnober Group, stated:

“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.”

Eric Wall, Cinnober’s Cryptocurrency & Blockchain Lead, tweeted:

The new matching engine will be implemented in a few phases. The first stage is set to take place in the first quarter of next year, with full implementation expected by the end of June of 2019.

Bitstamp, What’s Going On?

Founded in July 2011, Bitstamp is Luxembourg-based platform that allows trading between USD currency and Bitcoin. It also allows USD, EUR, Bitcoin, Litecoin, Ethereum, Ripple or Bitcoin Cash deposits and withdrawals. Bitstamp was one of the first crypto exchanges to acquire a payment institution license in the EU back in 2016.

Recently, Bitstamp has announced its aquisition by NXMH, Belgium-based investment firm. Over 80 percent of shares in the exchange now belong to NXMH. The acquisition seems to be tied to the technological enhancements. It is notable that despite acquisition, the company continues to operate independently. Nothing has changed for either the company’s customers or its 180 employees. Nejc Kodrič, who holds 10 percent ownership of Bitstamp, has remained the company’s CEO.

Altcoin News, Bitcoin News, Cryptocurrency news, News
Darya Rudz
Author Darya Rudz

Darya is a crypto enthusiast who strongly believes in the future of blockchain. Being a hospitality professional, she is interested in finding the ways blockchain can change different industries and bring our life to a different level.

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