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Bitstamp, one of Europe’s largest and longest-running bitcoin exchange platforms has announced the improvement of its matching engine providing greater trading speed with Nasdaq’s new matching engine.
Bitstamp was founded in 2011, by Nejc Kodrič and Damijan Merlak and is considered as a ‘backbone’ of Bitcoin’s Economy. It’s known for it’s offering of application programming interface (API) which allows clients to use custom software to access and control their accounts.
Originally registered in Slovenia, The two young founder decided to move its registration to the UK in April 2013. Followed by Luxembourg in 2016 due to a lack of adequate financial and legal services in Slovenia.
Bitstamp had a rough start in business, UK’s Financial Conduct Authority rejected their request for guidance as Bitcoin was not classed as currency back then. Using the best and authenticated practices to deter money laundering, Bitstamp started to require their client to provide copies of passport and official record to verify their identity. Bitstamp was then acquired by NXMH, a Belgium-based investment company later in October 2018.
Following that month, Bitstamp announced that Cinnober will be their new provider of trading and clearing technology in order to replace their house technology matching engine.
Bitstamp’s desire in upgrading and improving their matching engine did not end there. As the recent Bitstamp announcement stated that they will have a faster matching engine. Bitstamp said:
“Our new matching engine, created by Nasdaq, allows us to match orders up to 1250 times faster and increases our platform’s maximum throughput by up to 400 times.
“Now, our most demanding customers will be able to trade cryptocurrencies with the same level of efficient performance they’ve come to expect from the world’s leading traditional exchanges.
“Apart from the performance boost, the new matching engine allows us to build and release new order types and trading pairs much more efficiently. It is the necessary piece of infrastructure that will allow us to bring crypto trading on par with established traditional markets both in terms of performance and features.
Bitstamp is planning to increase its performance over the next three months, reducing the delay on orders placed through their website and apps.
As Bitstamp is an API provider, the result of faster matching engine was to reduce trading transactions under a millisecond.
In the official press release, Andy Green, Vice President and Head of EMEA, Nasdaq Market Technology said:
“By upgrading their technology with a scalable and robust solution from Nasdaq, Bitstamp can continue to bolster their capacity, performance and resiliency,” said Andy Green, Vice President and Head of EMEA, Nasdaq Market Technology. “We look forward to supporting Bitstamp in their growth and technology journey.”
Bitstamp recently introduced GBP trading and launched support for new cryptocurrencies which include Stellar Lumens (XLM) and Paxos Standard (PAX).