Cinnober announced 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.
Nejc Kodrič, CEO of Bitstamp said in a statement: “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.”
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.
Using the new trading system means that Bitstamp will be able to meet any amount of demand and stable trading even during times of extreme market growth, which is essential for providing a reliable service in all conditions within the rapidly evolving crypto industry, according to the statement.
In September, Nasdaq announced it was set to acquire Cinnober for $190 million, and the deal is expected to close this quarter.