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

KuCoin Shares Token Surges 13% as Exchange Announces 2.0 Upgrade

KuCoin Shares (KCS), an ERC-20 token issued by the KuCoin cryptocurrency exchange that gives token holders various bonuses and dividends based on the exchange’s performance, has recently seen its price rise over 13% as the company announced its 2.0 upgrade.

According to the recently published announcement, the transition to the 2.0 platform will occur on February 18, at 3 AM EST, and will last approximately 14 hours. It’ll bring in various upgrades, including new order types, more security, and better control.

On the announcement, the price of the cryptocurrency started rising. According to CryptoCompare data, KCS is currently trading at $0.41, meaning its market cap is currently at $74.15 million.

KuCoin Shares' Price Performance

KuCoin’s 2.0 upgrade is set to give its users an advanced API designed to offer an efficient way for them to develop a trading strategy, as well as limit, stop, market, post only, and iceberg orders.

Its fee program is also being changed to be “more attractive,” and to reduce trading fees and improve liquidity. KuCoin is also improving various features to optimize users’ experience on their website, while trying to pull in more through revised rewards in its referral program.

Given the 14-hour upgrade time, KuCoin is asking users to look into their trading strategies to prepare for the event, as they’ll be unable to trade and access their wallets while it’s ongoing. The company has assured, however, that their funds will remain safe.

All funds will remain safe and unaffected throughout the entirety of the upgrade and will not be at risk at any point throughout the update

To avoid large fluctuations in the market, KuCoin will also reverse a 30 minute period to cancel pending orders after the upgrade is complete. The exchange recently made headlines after adding various XRP trading pairs, although it didn’t make the token a quote currency.

Last year, KuCoin notably raised $20 million in its series A funding round, from organizations that included IDG Capital, Matrix Partners, and Neo Global Capital.