Bitstamp Trading Engine To See Significant Improvement With Cinnober Parternship

Luxembourg-based crypto exchange Bitstamp is partnering Cinnober, a financial solutions technology provider in a deal that sees Bitstamp's matching engine replaced with a new and improved engine.

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Luxembourg-based crypto exchange Bitstamp is partnering Cinnober, a financial solutions technology provider in a deal that sees Bitstamp’s matching engine replaced with a new and improved engine.Bitstamp Trading Engine To See Significant Improvement With Cinnober Parternship

Bitstamp will be integrating Cinnober’s TRADExpress for Cryptocurrency Exchanges solution starting early next year.

Bitstamp estimates that once the switch is complete, Bitstamp’s matching system will reportedly hit speeds reaching 1,250 times higher than the current ones, while the platform’s overall throughput is expected to increase 400 times more.

According to their Twitter post:

MATCHMAKING: We partnered with @Cinnober to take our matching engine to the next level […] “Our platform’s order matching speed is expected to become 1250x faster, while throughput will increase by 400x,” – David Osojnik, Bitstamp CTO.

The Bitstamp team has also said that the partnership is a step in the right direction for the company, with Cinnober’s software stack helping it achieve its objective of bridging the “gap between crypto and traditional finance.”

The exchange also wants to use Cinnober’s expertise as a “technological frontier” to enhance its position in the crypto industry.

In a blog post announcing the deal, the firm wrote:

“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.”

Founded in 2011, Bitstamp has seen its services grow to become one of the largest exchanges in the EU by trading volume.

At the moment, the platform is one of the top 100 crypto exchanges, currently ranked 39th according to XBT.net’s 24-hour volume.

Bitstamp Trading Engine To See Significant Improvement With Cinnober ParternshipThe exchange has handled over $90 million worth of crypto in the last 24-hour trading period and over $1.42 billion during the previous 30 days.

However, these figures pale in comparison to some of the top ten exchanges like Binance, OKEx, and Huobi; all of which handle volumes above $500 million a day.

One of the reasons that make Bitstamp’s witness low daily volumes is its listing of mostly elite or so-called “blue chip” crypto pairs.

But Bitstamp could be about to improve these volumes using the new technology, an aspect that may pull in more traders and new users.

The firm hopes to implement its new matching engine in phases, with the initial changes expected in the first quarter of 2019. It says that by the end of the second quarter, it will have fully implemented these changes to its system.

According to the company, this move will offer it the capacity to “meet any amount of demand” in the market while providing several other services. In its assessment, all these will be achievable “without a drop in performance.”

Peter Lenardos, the Cinnober Group CEO, said that the upgrade would help Bitstamp become one of the most reliable platforms in the market.

He added that upgrading the exchanges trading technology served to “further improve performance and stability,” a vital component that will see increased interest from investors and improved confidence in its services from the regulators.

Thus,

“They demonstrate their firm commitment to providing a safe and reliable marketplace.”

Cinnober Financial Technology appears to have staked its claim on the financial market with its innovative business technology solutions.

Established in 1998, the company has offices in London, Stockholm, Luxembourg, the U.S, and Slovenia.

The firm has expertly tailored its TRADExpress platform into a robust and adaptable tool whose current customers include the Asia Pacific Exchange, Dubai Gold & Commodities Exchange (DGCX), the Australian Securities Exchange (ASX), Japan Exchange Group (JPX), and the London Metal Exchange among a host of other high profile global businesses.

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