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

Coinbase Doesn’t Want You to Get Scammed on Telegram

On Friday (April 19), cryptoasset exchange Coinbase's security team explained how various "threat actors" are trying to use Coinbase's brand to commit scams on messaging platform Telegram. 

Telegram is a free cloud-based messaging app with the ability to make voice/video calls. It is available as a web app, a mobile app (OS and Android), and a desktop app (MacOS, Windows, and Linux). In recent years, it has become the messaging platform of choice for cryptocurrency traders/investors, developers, and entrepreneurs for various reasons, such as the ability to create price bots.

In a long, detailed article published on Friday, Matt Muller, Head of Security Operations at Coinbase, started by pointing out that "Coinbase does not provide support through Telegram, nor do we have any authorized groups or channels." (In fact, "Coinbase has no official presence on Telegram," and "any usage of the Coinbase logo or brand on Telegram" should be considered a scam.)

He then went on to say that Coinbase's security team has been following the activities of "several threat actors attempting to leverage the Coinbase brand on Telegram for purposes ranging from crypto scams to account takeovers." 

In order to help users of Coinbase and other exchanges recognize "the signs that they may be talking to a scammer," Muller outlined some of the most common scam techniques on Telegram.

  • Employment Scams"Scammers on Telegram impersonate Coinbase recruiters and executives with fake career opportunities. These scams prey on job seekers, soliciting payment for training materials, mining hardware, or in some cases providing stolen financials for the purposes of money laundering. These job offers will appear very legitimate, with forged offer letters and seemingly astute interview questions. Coinbase recruiters will never contact job seekers via Telegram."
  • Giveaway Scams: "Impersonations of our executives and brand to perpetuate giveaway scams are becoming increasingly common on Telegram. One channel in particular, titled simply Coinbase, advertises a new giveaway scam almost daily."
  • Load-up Scams: "Telegram frequently hosts scammers advertising the buying or 'loading' of accounts with high limits. These scammers ask to access your Coinbase account, so they can use your verified limits to buy digital currency. While they claim to split profits with the account holder, in actuality, they use stolen credit cards and bank accounts, leaving you responsible for facilitating a financial crime. When the legitimate card or account holder reverses payments, you will be responsible for any account delinquencies caused by the fraudulent bank reversals. In many cases, the scammer will lock you out of your account, use your own payment methods without consent and steal any available digital currency."
  • Tech Support Scams: "Scams impersonating customer support take many shapes and sizes... Scammers will impersonate Coinbase or Coinbase employees, asking you to take action that results in theft of digital currency. Some scams involve fake promo offers. Many of these scams ask for remote access to your computer, something Coinbase personnel will never ask for... In other situations, the scammers pressure you into 'upgrading' or securing your Coinbase account by sending digital currency to their external address."
  • Coin Listing and ICO Scams: "Scammers on Telegram often approach project developers soliciting payment for asset listings on Coinbase and other digital asset exchanges. In addition, scams promising investment bonuses on new ICO listings are prolific."

Featured Image Credit: Photo by "geralt" via Pixabay.com