Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   495

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.

Bitstamp to Launch New Matching Machine

New trading system, developed by Cinnober is called TRADExpress
06 November 2018   202

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.