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Bitstamp, one of the oldest cryptocurrency markets, is updating its technological arsenal in order to attract institutional investors.
The exchange announced Tuesday the establishment of the platform Irisium Surveillance to monitor suspicious activity and market manipulation. After the recent partnership between Bittamp and Cinnober, a technology provider for traditional financial markets and partially owner of Irisium, crypto-exchange will now adopt a tool used by entities such as Asia Pacific Exchange Pte Ltd (APEX) to detect behavior. unlawful.
"We are committed to using crypto in the long run," said Nejc Kodric, CEO and founder of Bitstamp, in a statement. "Our desire is to ensure a fair and orderly market that reflects real supply and demand. Exploring the new frontiers in terms of prevention of market manipulation is essential for the development of the sector. "
According to the Irisium website, the company provides tools to monitor manipulative behavior and compliance with European regulatory requirements, such as the Market Abuse Regulation, the Transparency Regulation and the Integrity wholesale energy market (REMIT) and the Markets in Financial Instruments Directive (MiFID).
"The system provides tools and badytical data allowing regulators to identify, monitor and investigate any trading activity" and "is already used by European regulators," says the site.
Alastair Goodwin, CEO of Irisium, said about the integration:
"The proactive adoption of Irisium by Bitstamp and its close partnership with us demonstrates their commitment to increasing transparency, integrity and trust in the cryptocurrency market. … Improving customer protection and market integrity will contribute to the adoption and liquidity of the market. "
Earlier this month, Bitstamp announced the replacement of its own trading engine with the TRADExpress platform created by Cinnober, a technology company providing solutions to entities such as the London Metal Exchange.
This was just the first step in Bitstamp's efforts to reorganize its platform and make it more suitable for institutional investors, said Eric Wall, Cinnober's cryptocurrency leader and main channel, at CoinDesk.
The next step, also in partnership with Cinnober, for Bitstamp will be to become the de facto clearing house for its own transactions, Wall added.
Image via Shutterstock.
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