Giant order for Swedish fintech company – will deliver trading system to Bitstamp

The Swedish financial technology company Cinnober offers solutions for various exchanges, including trading solutions for crypto exchanges. The stock exchange Nasdaq has previously tried to acquire Cinnober, who is listed on the stock exchange First North Stockholm. However, not all shareholders in Cinnober have yet accepted Nasdaq’s bid on the company.

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Matching orders 1 250 times faster

Now Cinnober has gotten an order from the European cryptocurrency exchange Bitstamp to replace their trading system. The new system is called Tradexpress and will make the crypto exchange match buy and sell orders 1,250 times faster than before.

“This is a crucial step on our mission to bridge the gap between crypto and traditional finance and will push the technological frontier in crypto trading a step further”, Bitstamp writes in a press release.

To use Cinnober’s trading system, Bitstamp is expected to pay between $3.3 million and $11 million over a five-year period, Cinnober writes in a press release.

Same technology as London metal exchange

Bitstamp will now use the same technology for their trading system as the as the London metal exchange (LME), a system that Cinnober also has built.

That Bitstamp intends to use a similar trading system as ordinary stock exchanges could demonstrate maturity for trading with crypto, Eric Wall, head of cryptocurrency at Cinnober, writes on Twitter.

The trading engine technology at @Cinnober is best-in-class. If there was ever any uncertainty from the SEC to approve a bitcoin ETF owing to exchange immaturity, this is a step forward to close that gap. Bitstamp will be running on the same tech as the London Metal Exchange now.

— Eric Wall (@ercwl) November 5, 2018

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