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

Binance Plans Launch of Fiat-to-Cryptocurrency Exchange in South Korea

Samuel Haig

Leading crypto exchange Binance is rumored to be planning the launch crypto-to-fiat exchange in South Korea.

Local media outlet, Block in Press, quoted Changpeng Zhao (CZ), the founder and chief executive officer (CEO) of Binance as stating: “We do not know the details related to the establishment of the Korean branch. We are working with local partners, but we do not know the details." A Binance representative also reportedly told the publication, “We have been in discussions with BXB, but there is no specific decision.”

Binance Seeks Compliance Officer Based in South Korea

Binance is currently seeking to hire a Compliance Officer based in South Korea, further evidencing the company’s intent to open a Korean exchange. The advert for the position specifies that the candidate must possess “Good knowledge on provisions of local laws, directives, regulations and otherwise standards applicable to subject persons and knowledge of upcoming regulation of virtual currency policies is a strong plus.”

Rumors of a potential South Korean Binance exchange first surfaced in January 2019, when The Block reported South Korea to be among 8 countries that the company was considering opening a new branch in.

Binance South Korea Would Comprise Binance’s Fourth Fiat-to-Cryptocurrency Exchange

On July 10, 2019, Binance fully launched its crypto-to-fiat exchange in Singapore. The exchange was launched in partnership with Vertex Ventures China and Vertex Ventures Southeast Asia and India.

Binance SG supports Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) pairings, with customers able to deposit Singaporean dollars (SGD) via the Fast and Secure Transfers (FAST) electronic funds transfer service. Binance SG has expressed to add support for more cryptocurrencies in the future. Binance SG had previously conducted a soft-launch during April 2019, with the exchange reported an average weekly user growth of roughly 20% since then.

During October 2018, the company launched Binance Uganda, with the platform facilitating BTC and ETH pairing denominated in Ugandan shillings (UGX). During January 2018, Binance launched its first fiat-to-crypto exchange in the Crown dependency of Jersey. Binance Jersey supports Euro (EUR) and British Pound (GBP) pairings for BTC and ETH, and currently has a 24-hour trade volume of roughly $380,500.