Leading cryptocurrency exchange enhances performance with proven trading technology
NEW YORK, Nov. 05, 2018 (GLOBE NEWSWIRE) -- Cinnober, a global independent provider of exchange and clearing technology solutions for the finance industry, today announces that it has been selected by the cryptocurrency exchange Bitstamp to deliver a trading system for cryptocurrencies.
Bitstamp is replacing an in-house developed matching engine with Cinnober’s TRADExpress Trading System in a move to increase capacity and capabilities of its marketplace. The software will be hosted and operated by Bitstamp.
“This is a crucial step on our mission to bridge the gap between crypto and traditional finance,” says 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 and its Luxembourg entity was the first cryptocurrency exchange to be granted a payment institution license in the EU. It is among the four bitcoin exchanges that have provided pricing data for the Chicago Mercantile Exchange’s (CME) cryptocurrency indices since 2016. Bitstamp was recently acquired by Belgium-based investment company NXMH.
The new trading system from Cinnober will allow Bitstamp to meet any amount of demand, continuing the company’s track record of stable trading even during times of extreme market growth. This is essential for providing a reliable service in all conditions within the rapidly evolving crypto industry.
“We are excited to announce this partnership with Bitstamp, facilitating continued success for their marketplace,” says Peter Lenardos, CEO of the Cinnober Group. “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.”
Cinnober provides world-class trading and clearing technology to marketplaces and clearinghouses globally. Cinnober’s multi-asset class trading system provides a reliable solution for cryptocurrency exchanges dealing with increasing market volumes, expectations from institutional investors and requirements from regulators.
Cinnober’s customers include the Australian Securities Exchange (ASX), B3, Dubai Gold & Commodities Exchange (DGCX), Euronext, Japan Exchange Group (JPX), the London Metal Exchange (LME), the Johannesburg Stock Exchange (JSE), and the Stock Exchange of Thailand (SET), among others.
About Cinnober
Cinnober provides solutions and services to trading venues and clearing houses. Cinnober’s solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance.
Cinnober’s customers include the 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.
Cinnober is part of the Cinnober Group which also includes the subsidiaries Simplitium and Minium. For additional information, please visit https://group.cinnober.com.
Cinnober’s shares are traded on the Nasdaq First North exchange and the company’s Certified Advisor is FNCA. To help the market to assess the value of the deals won by Cinnober, the following definitions have been established. A major deal is one for which the order value over a period of five years is estimated to exceed SEK 100 million. A smaller deal is one for which the order value over a period of five years is estimated to be less than SEK 30 million. A medium-sized deal is one for which the order value over a period of five years is estimated to be in between that of a smaller deal and a major one. In writing moment, the signed agreement mentioned above is considered a medium-sized deal from this perspective.
About Bitstamp
Founded in 2011, Bitstamp is a leading global cryptocurrency exchange and the EU’s largest by trading volume. Currently offering trading between BTC, BCH, ETH, XRP, LTC, USD and EUR, the exchange empowers individuals and institutions to reap the benefits of emerging financial technologies by unlocking reliable access to leading cryptocurrencies. With its focus on prudence and oversight, Bitstamp is uniquely positioned to serve as a stepping stone between the traditional financial and cryptocurrency worlds. Safe, simple and secure to use, Bitstamp always puts its customers first, which is why it gets the stamp of approval from over 3 million traders throughout the world. For more information about how Bitstamp supports the exchange of currencies, information, ideas and trust, visit bitstamp.net.
For further information regarding Bitstamp, please contact:
Brianna Hayes
Uproar PR for Bitstamp
bhayes@uproarpr.com
321-236-0102 x237
Kaja Ribnikar
Head of Marketing and Communications
kaja.ribnikar@bitstamp.net
For further information regarding Cinnober, please contact:
Anna Hallgren
Co-Head of Marketing and Corporate Communications
Cinnober Financial Technology AB
Tel. +46 73 347 87 20
anna.hallgren@cinnober.com