BitStamp Exchange Rolls Out Irisium Market Manipulation Tool To Spot Bad Actors In The Industry
BitStamp Has Eyes On The Market, Literally! Company Rolls Out Tech That Spots Market Manipulation
For such a young area of the market, Bitstamp has already gained a popular reputation as one of the oldest cryptocurrency exchanges around, and it's announced that it will be upgrading its existing arsenal of technology in order to bolster client confidence and attract a new wave of investors.
For greater detail, the exchange has announced as of tuesday that it will be implementing the Irisium Surveillance platform which will serve to monitor for suspicious activity and to identify and counter market manipulation.
This news is following on from the recent announcement by bitStamp of its new partnership with Cinnober, which is a tech provider for the mainstream financial markets, which has also become a recent partial owner of Irisium. Because of this, the crypto exchange will be able to fully adopt a tool which institutions / entities such as the Asia Pacific Exchange Pte Ltd (APEX) use in order to detect and prevent illicit behavior.
Nejc Kodric, the CEO and founder of BitStamp has made clear in a statement that the company has its eyes on the future.
“We are committed to crypto in the long term,” Kodric made clear. “Our desire is to guarantee a fair and orderly market which reflects genuine supply and demand. Exploring new frontiers in preventing market manipulation is essential for the industry to mature.”
One of the defining factors that Irisium has going for it, according to its website, is that it provides tools which work in conjunction with regulatory requirements deemed essential within the European Union. These include features such as the Market Abuse Regulatory framework (MAR), the Regulation of Wholesale Energy Market Integrity, and Transparency (REMIT), and Markets in Financial Instruments Directive (MiFID).
“The system makes available the tools and analytical data to enable regulators to identify, track and investigate any trading activity” and “is already utilized by European regulators,” the website says.
The integration of Irisium into the crypto exchange BitStamp has been met with resolute positivity by the former's CEO, Alastair Goodwin:
“Bitstamp’s pro-active adoption of Irisium and close partnership with us demonstrates their desire to increase transparency, integrity and confidence in the cryptocurrency market. … Enhanced customer protection and market integrity will help drive adoption and market liquidity.”
Back in October this year, BitStamp announced that it would be taking the necessary steps towards replacing its older trading engine with the TRADExpress platform which was created by Cinnober, a technology based company which provides solutions to entities such as the London Metal Exchange.
This dedication to replacing its trading engine constituted the first step in BitStamp's wider effort to revamp its entire platform. Making it far more appealing and effective, not just for daily users, but also more suitable for institutional investors. This is according to Eric Wall, the Cryptocurrency and Blockchain lead for Cinnober, who made a statement to this effect.
The next step, also in partnership with Cinnober, for Bitstamp will be to become the de facto clearinghouse for its own trades, Wall added.