Bitstamp to implement the Irisium Surveillance platform
One of the oldest crypto exchanges, known as Bitstamp, is now upgrading its technology arsenal in order to attract institutional investors. This Tuesday, the exchange has announced that it is now implementing the Irisium Surveillance platform in order to monitor for suspicious activity, as well as manipulation on the market.
Following its partnership with Cinnober from recent times, which is a tech provider for mainstream financial markets and a partial owner or Irisium, the cryptocurrency exchange is going to adopt a tool which entities like Asia Pacific Exchange Pte Ltd (APEX) use to detect illicit behavior.
The founder and CEO of Bitstamp, Nejc Kodric, said that they are committed to crypto in the long term. Their wish is to guarantee a fair, as well as an orderly market that reflects genuine supply and demand. Exploring some new frontiers in preventing market manipulation is also fundamental for the industry to mature.
Tools for monitoring manipulative behavior and compliance
According to the website, the company provides some tools in order to observe manipulative behavior, as well as compliance with the regulatory requirements with Europe, like the Market Abuse Regulation (MAR), also the Regulation on Wholesale Energy Market Integrity, as well as the Transparency (REMIT) and Markets in Financial Instruments Directive (MiFID).
The website said that the system makes available the tools and even analytical data to enable regulators to identify, as well as track or investigate any trading activity, and is now used by the regulators in Europe.
The CEO of Irisium, named Alastair Goodwin, said that the pro-active adoption of Irisium of Bitstamp, as well as the close partnership with them, demonstrates their wish to increase transparency, confidence, and integrity in the crypto market. Improved customer protection, as well as market integrity, will help in driving adoption and market liquidity.
Bitstamp to replace its trading engine with TRADExpress platform
Earlier in November, the exchange also announced that it is going to substitute its own trading engine with TRADExpress platform which is created by Cinnober, which is a tech company that provides some solutions to entities such as London Metal Exchange.
Actually, this was the primary step of the effort of Bitstamp to revamp its platform, as well as make it even more suitable for institutional investors, according to the crypto and blockchain lead or Cinnober, named Eric Wall.
The following step, also being in partnership with Cinnober, for Bitstamp is going to become the real clearinghouse for its own trades, according to Wall.