Bitstamp, a European cryptocurrency exchange, announced its plan to integrate a new platform for market monitoring. In an effort to improve the safety and reliability of its marketplace, Bitstamp has partnered with Irisium Ltd.
Irisium Ltd., a British market surveillance firm, will help Bitstamp to monitor market activity and attract more institutional investors. This partnership is likely to result in a platform which will improve compliance and customer protection.
Alastair Goodwin, CEO of Irisium Ltd, said that the adoption of Irisium’s platform will help “increase transparency, integrity, and confidence in the cryptocurrency market,” eventually improving market liquidity and adoption.
Bitstamp has been a pioneer in crypto security and regulation since its inception in 2011. The exchange places an emphasis on customer protection through KYC/AML procedures, advanced security software, and protocols. Its positive stance towards self-regulation paved the way for Bitstamp’s Luxembourg entity (Bitstamp Europe SA) to become the first crypto exchange with a payment institution license in the EU.
Bitstamp’s vision is to bridge the gap between traditional finance and crypto through a mature approach to the cryptocurrency space.
CEO and founder Nejc Kodrič says –
“We are committed to crypto in the long-term. Our desire is to provide a fair and orderly market which reflects accurate supply and demand. In order for the industry to mature, effective market monitoring is crucial. We are cooperating closely with Irisium and will leverage their significant experience to provide a more robust and transparent trading venue for our customers.”
Aiming at Institutional Investors
Bitstamp will be implementing the Irisium Surveillance platform which will serve to monitor for suspicious activity and to identify and counter market manipulation. Bitstamp will be able to fully adopt a tool which institutions/entities such as the Asia Pacific Exchange Pte Ltd (APEX) use in order to detect and prevent illicit behavior.
Back in October, BitStamp announced that it would be taking the necessary steps towards replacing its older trading engine with the TRADExpress platform. This dedication to replacing its trading engine constituted the first step in BitStamp’s wider effort to revamp its entire platform. Making it far more appealing and effective, not just for daily users, but also more suitable for institutional investors.