European cryptocurrency exchange operator Bitstamp has decided to replace its current in-house matching engine with a trading system delivered by Cinnober.
Cinnober’s TRADExpress Trading System will be implemented by Bitstamp in a bid to increase capacity and capabilities of its marketplace. The new trading system will help Bitstamp meet demand for access to cryptocurrencies during times of extreme volatility.
“This is a crucial step on our mission to bridge the gap between crypto and traditional finance,” said 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 with its Luxembourg entity becoming the first cryptocurrency exchange to gain a payment institution license within the European Union. The exchange is also among four trading venues which currently provide pricing for CME’s cryptocurrency indices which launched in 2016.
“We are excited to announce this partnership with Bitstamp, facilitating continued success for their marketplace,” added Peter Lenardos, CEO of Cinnober.
“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.”
In September, Nasdaq confirmed that it had submitted a bid to acquire Cinnober in a deal valued at $190 Million. The US exchange group made an all-cash public recommended offer to the shareholders of Cinnober in order to strengthen its Market Technology business.