Bitstamp, a Luxembourg based crypto exchanged, has teamed up with global independent provider of exchange Cinnober Group for its trading system upgrade. According to Cinnober, 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.
While sharing details about the collaboration, Nejc Kodrič, CEO of Bitstamp, stated:
“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.”
Peter Lenardos, CEO of the Cinnober Group, added:
“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.”
The partnership with Bitstamp and Cinnober comes just days after Bitstamp announced it has been acquired by NXMH, a Belgium-based investment company, for an undisclosed sum. Nejc Kodrič said the platform has been pursued by potential acquirers for quite some time. He revealed:
“The reason why we finally decided to sell the company is a combination of the quality of the buyer, the quality of the offer and the fact that the industry is at a point where consolidation makes sense. A major factor in agreeing to the sale is that the mission, leadership and vision of the company remains the same.”
Bitstamp is considered one of the oldest crypto exchanges in Europe and is ranked in the top 30 crypto exchanges.