Crypto Exchange Bitstamp to Replace Its Matching Engine with Cinnober Solutions
Changes in the system should begin in January next year with full implementation after June 2019, the trading platform has said.
Bitstamp, one of the leading European virtual currency markets, announced on Monday that it would change its matching engine with software from Sweden’s financial services provider Cinnober. The move comes after both sides changed their shareholders’ structures with new majority owners.
Bitstamp tapped Cinnober because its TRADExpress, a specialized trading and post-trade service for cryptocurrency exchanges, implements technologies from traditional stock markets as well as solutions from virtual asset and blockchain industries, Nejc Kodrič, the CEO of the trading platform explained.
The cooperation with Bitstamp is the first significant crypto deal for Cinnober after US stock exchange NASDAQ made an offer to acquire the financial services provider in September. According to Cinnober, Bitstamp’s new matching engine should increase the capacity and capabilities of the platform as the crypto market expects larger volumes from institutional investors and growing scrutiny from regulators around the globe.
Bitstamp plans to build the new matching engine in two phases: the first should be implemented by the end of the first quarter of 2019 with the next step to continue through the end of June.
“Our platform’s order matching speed is expected to become 1250x faster, while throughput will increase by 400x,” David Osojnik, chief technology officer (CTP) at Bitstamp explained in the press release.
Luxembourg-based Bitstamp targets mainly the European market with nearly $60 million in trading volume for the last day from its main platform and more than a $1 million from its special Ripple Gateway. The exchange supports trading in five cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), and Litecoin (LTC).
Last week, NXMH, the Belgian-based subsidiary of South Korea’s NXC Corp bought a majority stake in Bitstamp. NXC Corp also owns Korean crypto exchange Korbit.