November 6, 2018 | AtoZ Markets
Nasdaq’s Cinnober, has signed a contract to help Bitstamp– a crypto exchange based in Luxembourg that has made millions of trades in its record so far.
According to its estimates, Bitstamp expects the cooperation with Cinnober to increase its matching system by 1,250x, whereas its overall productivity is expected to increase by 400x.
Bitstamp intends to replace its own technology with TRADExpress- a software stack Cinnober developed.
Integrating cryptos with traditional finance is a goal
Bistamp described the move as “crucial”, and expressed that it is looking for creating connection between cryptocurrency and the traditional finance system.
“This is a crucial step on our mission to bridge the gap between crypto and traditional finance and will push the technological frontier in crypto trading a step further. 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.”, said the Luxembourg-based exchange in its blog.
At press time, Bitsamp had reportedly done a 24-hour trading volume of more than $50 million, which made it become the 33rd most-used exchange in cryptocurrency.
Improving the exchange’s technology comes in hope of attracting new traders, and increasing the capacity.
“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.”, added Bitsamp in its blog.