Bitstamp and KuCoin Suspended ETH Withdrawal

According to the representatives of above-mentioned exchange, this situation is caused by due the congestion and instability of the network
19 January 2018   1218

Exchange Bitstamp and KuCoin temporarily suspended Ethereum's withdrawal due to congestion and instability of the network. KuCoin even recommended that users use NEO instead of Ethereum in order to have "permanent access to their means". This is reported by Bitcoin.com.

In recent months, the network Ethereum has experienced a sharp increase in user activity. According to etherscan.io, in October 2017 the number of transactions in the network did not exceed 519,000 per day, however, on January 4 this figure was already 1.34 million.

Thus, the instability of the network was significantly exacerbated by the launch of the game CryptoKitties, to which users showed increased interest. In connection with this, the fees for transfers significantly increased, and many transactions were suspended for several days.

The European exchange, Bitstamp, suspended Ethereum's withdrawal for several hours, but soon notified the users about the successful resolution of the problem.

Representatives of the KuCoin Exchange also reported on the congestion of the Ethereum network and possible delays with the withdrawal of ETH, advising users to use NEO crypto currency, also known as "Chinese Ethereum", as an alternative. In addition, users were warned about the high risks of trading in the current volatility.

Bitstamp to Launch New Matching Machine

New trading system, developed by Cinnober is called TRADExpress
06 November 2018   258

The leading European bitcoin exchange Bitstamp announced its decision to abandon its own trading engine used all these years. It will be replaced by the new trading system of the Cinnober.

According to the Bitstamp report, the TRADExpress trading system will increase the capacity and capabilities of the platform, especially during periods of high volatility.

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 Team

As the company assures, it chose the Cinnober solution, as the latter has proven experience in global financial markets, shares its vision and has the ability to work closely together in terms of customizing the technology for individual needs.

The launch of the new application matching engine will take place in several stages: the first changes will take place in early 2019, and the full implementation of the solution will be completed in the second quarter.

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.
 

David Osojnik 

CTO, Bitstamp

The decision to change the trading engine was the first major step for Bitstamp after last week the investment company NXMH, based in Belgium, announced the purchase of the exchange.