Bitstamp, the 31st biggest crypto exchange according to the volume traded has announced an upgrade to an engine built by Cinnober.
Their platform deemed Cinnober's TRADExpress Trading System is set to replace substitute the exchange’s in-house matching engine.
“Our platform’s order matching speed is expected to become 1250x faster, while throughput will increase by 400x,” – David Osojnik, Bitstamp CTO. pic.twitter.com/t9t0iVO9z6
— Bitstamp (@Bitstamp) November 5, 2018
Cinnober is a global independent provider of exchange and clearing technology solutions is going to help Bitstamp increase capacity and capabilities of the marketplace.
“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,” says Nejc Kodrič, CEO of Bitstamp.
Bitstamp has a 24-hour trading volume of about $53 million and lists and offers only elite trading pairs. The improved technology is expected to lure new traders to the exchange. Their official announcement reads:
“The new matching engine will be implemented in a few phases, with the first changes taking place in Q1 of 2019 and full implementation expected by the end of Q2. It will allow us to meet any amount of demand and provide a number of additional services without a drop in performance.”
Bitstamp was formed in 2011, the early days of crypto. Now it has become EU’s largest exchange by trading volume. With its center on vigilance and oversight, Bitstamp is placed to assist as a bridge between the traditional financial and cryptocurrencies. They even boast of more than 3 million traders worldwide.
In the press release, Cinnober Group CEO, Peter Lenardos, says: “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.”
Cinnober Financial Technology is an independent provider of financial technology. Established in Sweden in 1998, the company has offices in Stockholm, Umeå, and London. The company's solutions are broadly based on the TRADExpress Platform, combining everything required for mission-critical solutions in terms of production, robustness, and adaptability.
Their customers currently include Asia Pacific Exchange, the Australian Securities Exchange, B3, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand.