The largest cryptocurrency exchange in Europe has chosen Irisium’s platform for market monitoring and data analytics.
Need for Better Compliance
Luxembourg-based cryptocurrency exchange Bitstamp has announced a partnership with Irisium, a firm that provides market monitoring and data analytics solution for exchanges, regulators, buy-side and sell-side firms.
As part of the collaborative effort, Bitstamp will implement Irisium’s service on its exchange. The state-of-the-art technology solution will help Bitstamp provide a safe and reliable platform to its customers.
The development was reported earlier on Tuesday by globenewswire.com.
Bitstamp’s Emphasis on Security and Protection
In the absence of specific regulation for digital assets in many jurisdictions, the crypto trading space has been the subject of dubious practices and manipulation by market participants.
Bitstamp, one of the oldest cryptocurrency exchanges in the world, has been a pioneer in digital asset security and regulation. The firm has in place KYC and AML practices and uses advanced security tools and protocols.
The firm happens to be the first cryptocurrency exchange in Europe to obtain a payment institution license. It also happens to be one of the four cryptocurrency platforms that provide live price feeds to the Chicago Mercantile Exchange (CME). CME uses the feed to arrive at its crypto indices.
The firm intends to narrow down the gap between traditional finance and crypto space.
Nejc Kodrič, CEO and co-founder, said:
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.
Bitstamp will leverage Irisium’s platform to monitor market activity and will be able to enhance customer protection and market integrity.
Alastair Goodwin, CEO of Irisium Ltd said:
Bitstamp’s pro-active adoption of Irisium and close partnership with us demonstrates their desire to increase transparency, integrity, and confidence in the cryptocurrency market. Integrating Irisium’s innovative technology into Bitstamp’s platform will support compliant and efficient operations. Enhanced customer protection and market integrity will help drive adoption and market liquidity.
Ensuring transparency and curbing market malpractices is the need of the hour towards better adoption of cryptocurrencies especially among institutions.
Do you think other exchanges should also use monitoring tools to control market manipulation? Let us know in the comments below.
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