Bitstamp to Integrate a Market Surveillance Platform

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European cryptocurrency exchange Bitstamp is upgrading its tech in a bid to attract institutional investors.

The crypto exchange stated that it’s implementing the Irisium Surveillance platform to monitor for unusual activity and market manipulation. Following Bitstamp’s recent collaboration with Cinnober, a tech provider for mainstream financial markets and a partial owner of Irisium, the digital exchange will now select a tool that entities such as Asia Pacific Exchange Pte Ltd (APEX) use to detect unlawful behavior.

Bitstamp’s CEO and founder Mr. Nejc Kodric stated, “We are committed to crypto in the long term. Our desire is to assure a fair and orderly market which reflects actual supply and demand. Exploring new frontiers in preventing market manipulation is vital for the industry to mature.”

As per the Irisium website, the organization provides tools to monitor manipulative behavior and compliance with European regulatory demands, like the Market Abuse Regulation (MAR),  Markets in Financial Instruments Directive (MiFID) and the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT).

The website states, “The system makes available the tools and analytical data to allow regulators to identify, track and investigate any trading activity” and “is already used by European regulators.”

CEO of Irisium, Mr. Alastair Goodwin, said:

“Bitstamp’s pro-active adoption of Irisium and close cooperation with us shows their desire to enhance transparency, integrity, and confidence in the digital currency market. Enhanced customer protection and market integrity will help drive adoption and market liquidity.”

Prior this month, Bitstamp declared that it would be replacing own trading engine with the TRADExpress platform developed by Cinnober, a tech company giving solutions to entities such as the London Metal Exchange.

Cinnober’s digital currency and blockchain lead Mr. Eric Wall stated, this isn’t the only first step of Bitstamp’s efforts to renew its platform and make it more fitting for institutional investors.

Eric Wall added the next step in collaboration with Cinnober, for Bitstamp, will be to become the de facto clearinghouse for its trades.