Crypto Exchange Bitstamp: Our New Matching Engine Will Be Up to 1,250 Times Faster

Siamak Masnavi

On 5 November 2018, cryptoasset exchange Bitstamp announced that it had partnered with Cinnober, a leading provider of trading and clearing technology, in order to replace its in-house developed matching engine with Cinnober’s "TRADExpress Trading System". The customized software "will be hosted and operated by Bitstamp."

As reported by CryptoGlobe, Bitstamp, which was founded in 2011 by Nejc Kodrič and Damijan Merlak, got acquired by European investment firm NXMH. In an article posted on its website, Bitstamp explained why it chose to partner with Cinnober:

"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."

Stockholm-headquartered Cinnober was founded in 1998. Its customers include Australian Securities Exchange, Athens Stock Exchange, Dubai Gold & Commodities Exchange, Johannesburg Stock Exchange, and London Stock Exchange.

David Osojnik, Bitstamp's Chief Technology Officer, says:

“While Bitstamp’s matching engine was already very good by crypto standards, this will put us in the same league as traditional exchanges with decades of experience. Our platform’s order matching speed is expected to become 1250x faster, while throughput will increase by 400x.”

The implementation will be done in several stages, with the first stage taking place in Q1 of 2019; the new matching engine should be fully integrated into Bitstamp by the end of Q2 2019.

According to Cinnober's press release, Peter Lenardos, the CEO of the Cinnober Group, stated:

“We are excited to announce this partnership with Bitstamp, facilitating continued success for their marketplace. 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.”

As for Bitstamp's CEO (Nejc Kodrič), he said:

"This is a crucial step on our mission to bridge the gap between crypto and traditional finance."

Eric Wall, Cinnober's Cryptocurrency & Blockchain Lead, tweeted:


Featured Image Courtesy of Bitstamp

OKEx Lists Compound’s Governance Token COMP

Popular bitcoin exchange OKEx has announced the listing of the COMP token, the governance token of the algorithmic decentralized finance protocol Compound.

According to an announcement OKEx published, spot trading of COMP against Tether’s USDt stablecoin and bitcoin opened up today, June 29, at 6 am UTC. COMP deposits have been available since 5 am, with withdrawals being opened three hours later.

Compound, for those out of the loop, is a decentralized finance protocol launched in 2017 by Robert Leshner and Geoff Hayes. It lets users borrow and lend cryptocurrencies in peer-to-peer transactions. Those who borrow need collateral to do so and must repay the funds with interest, while those who lend receive interest on their holdings.

Rates on Compound are determined by the market and change over time along with the amounts being lent and borrowed. Since its launch, Compound has grown to become a leading DeFi protocol, with over $1 billion worth of assets locked in it.

Compound’s COMP token was launched earlier this month. It’s a governance token, meaning token holders have the right to vote on important decisions that affect the Compound protocol, ranging from technical upgrades to decisions on adding new cryptoassets.

The tokens are distributed to users who interact with the protocol, which incentivized some to borrow and lend on Compound in an attempt to gain more COMP tokens. CryptoCompare data shows these are trading above $230, after falling from a $330 all-time high.

Commenting on the listing Jay Hao, OKEx’s CEO, noted Compound has become the largest player in the DeFi space “thanks to its continued innovation and development,” and is a “shining example of how far development has come in this space. Hao added:

We are extremely pleased to be able to help foster the growth of the DeFi ecosystem alongside Compound. It is our belief at OKEx that DeFi will eventually disrupt traditional finance and provide equal opportunities for everyone to access financial services. This, in turn, helps us to realize our vision at OKEx, which is to #FinanceAll.

In its announcement, OKEx reminded users it prides itself on “offering high-quality projects that bring liquidity to the exchange.” It reiterated that behind every listing is an “exhaustive process of due diligence ensuring that all possible measures are taken to assure projects’ legal qualifications, business models, strength of community and market potential.”

Since its launch, the COMP token has been listed on numerous cryptoassets trading platform as its popularity grows. Its market cap is now above the $500 million mark.

Featured image via Pixabay.