Exchange technology provider Cinnober has collaborated with cryptocurrency security specialist BitGo to provide technology solutions to cryptocurrency exchanges.
BitGo’s wallet solution will extend Cinnober’s trading and post-trade platform to offer an end-to-end secure and institutional-grade digital asset exchange solution.
Cinnober CEO Veronica Augustsson said: “The cryptocurrency market has grown significantly in the past few years, and we’ve seen exchanges in this segment struggle with capacity, scalability challenges and repeated outages.
“There is an opportunity for Cinnober to support this market with proven trading and surveillance solutions used by established financial markets, and, with BitGo’s secure and reliable wallet and custody services, we can offer a competitive solution with short time-to-market.”
With multi-asset trading and clearing solutions, Cinnober provides services to major financial marketplaces across the globe.
Via Irisium, the company offers market surveillance platform to protect market integrity.
The partnership with BitGo will allow Cinnober to consolidate its offering to cryptocurrency exchanges, enabling to handle increasing market volumes, expectations from institutional investors and requirements from regulators.
BitGo’s wallets and custodial services will help clients to store and transfer digital assets by using industry standards for security and financial privacy.
The solutions comprise of security key management, multi-signature setups, setting of procedures and client-driven policies. These solutions help to keep assets in a secure environment.
BitGo CEO Mike Belshe said: “This partnership brings together Cinnober’s proven success in delivering stability and scalability to handle increasing market volumes with our track record of institutional-grade security.”
Cinnober offers solutions and services to major trading and clearing venues, including exchanges, clearinghouses, banks and brokers.
The firm’s customers include the Asia Pacific Exchange, Australian Securities Exchange, B3, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock.
BitGo, which is specialist in institutional-grade cryptocurrency investment services, offers security, compliance, and custodial solutions for blockchain-based currencies.
With $15bn per month across all cryptocurrencies, BitGo processes 15% of all global bitcoin transactions.