Bitstamp enlists Cinnober for trading system upgrade

Bitstamp enlists Cinnober for trading system upgrade

European cryptocurrency exchange Bitstamp is replacing its in-house built matching engine with a platform from Swedish trading technology vendor Cinnober.

Having recently been acquired by Belgium-based investment company NXMH, Bitstamp is rolling out Cinnober's TradeExpress Trading System to boost its capacity and ensure that it can handle demand during extreme market growth.

Cinnober is a long-established exchange and clearing tech provider, counting several major bourses among its clients.

However, in July it set its sights on a new sector, forging a deal with virtual currency processor and security specialist BitGo to hawk their technology to cryptocurrency exchanges.

"This is a crucial step on our mission to bridge the gap between crypto and traditional finance," says Nejc Kodrič, CEO, 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."

Peter Lenardos, CEO, Cinnober, adds: "By upgrading their trading technology to further improve performance and stability as interest from investors and regulators grow, they [Bitstamp] demonstrate their firm commitment to providing a safe and reliable marketplace."

In September Cinnober's board recommended that shareholders accept a $190 million takeover offer from exchange giant Nasdaq.
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