Cinnober is a financial technology company that is looking ahead to help today’s crypto exchanges. Based in Stockholm, it provides tech solutions to traditional stock and commodity exchanges globally. Recently, Cinnober has struck deals with many crypto-startups, Bitstamp exchange being one of them and surely not the last one. They are still on the lookout for other potential partners and see many around that may fit the bill.
Cinnober’s cryptocurrency and blockchain lead Eric Wall said that the most suitable ones are those who are looking to become a part of the transformation that the industry is witnessing. Cryptocurrency exchanges allow their users to trade as much as they have into their accounts whereas traditional financial exchanges use cleared trades where the customers maintain the collateral amount deposited with the clearing house and outstanding trades are settled when the trading cycle ends.
“Right now the cryptocurrency exchange market is very inefficient as there are no clearing technologies and clearing houses in place,” Wall explained. He further stated that they can help a cryptocurrency exchange become a real exchange with a clearing module to make trading more efficient for institutional investors.
Crypto exchange Bitstamp’s recent deal with Cinnober will help them replace their matching engine and later on, it can fit in the market structure with traders expectations and requirement. In short, Cinnober will help Bitstamp become a clearing house for its own trades, as reported by CoinDesk.
This year Cinnober was able to bring a number of solutions for crypto industry online. It’s subsidiary called Irisium sold market surveillance solution to Bitfinex. In July, Cinnober partnered with BitGo to introduce wallet solution for cryptocurrency exchanges, and in October, it partnered with GAP600 for enabling instant crypto transactions.
Furthermore, Cinnober was able to understand Bitstamp’s requirement and work on the crypto exchange’s vision. The CEO of Cinnober Group Peter Lenardos stated that the Bitstamp’s decision to upgrade their trading technology will not only boost their performance, but it will also present that the exchange is determined to have a safe and secure platform in the marketplace, as published on BTCManager.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]