Driven by the goal to improve market integrity, Bitstamp, the largest cryptocurrency exchange by trading volume in Europe, has taken a new step towards ensuring compliance and customer protection.
Bitstamp has partnered with Irisium Ltd, a company which monitors the market and provides analytics software for exchanges, regulators, buy-side and sell-side firms. Bitstamp will use Irisium’s holistic monitoring technology to monitor market activity and attract more institutional investors.
Nejc Kodrič, founder and CEO of Bitstamp commented, “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.”
Established in 2011, Bitstamp has evolved as a spear leader in crypto security and regulation. The firm has continuously stressed customer protection through KYC/AML procedures, advanced security software, and protocols. It believes that consumer protection is vital towards securing a simple, safe, and reliable market.
Its headfast commitment towards self-regulation enabled Bitstamp’s Luxembourg entity (Bitstamp Europe SA) to become the first crypto exchange with a payment institution license in the EU. It also enjoys the recognition of being one of the four cryptocurrency exchanges that have provided pricing data for the Chicago Mercantile Exchange’s (CME) cryptocurrency indices since 2016. Currently, the exchange supports trading for Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ripple (XRP), Litecoin (LTC), U.S. dollars and euro.
Regarding the partnership, 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.”
Back in May, the CME entered into a collaboration with Crypto Facilities (CF) to launch the CME CF Ether-Dollar Reference Rate and Real-Time Index to provide investors access to a real-time ETH price in U.S. dollars. Both rates are calculated by Crypto Facilities and based on transactions and order book activity from Bitstamp and Kraken.
In August, Bitstamp and other crypto exchanges Gemini, Bittrex, and bitFlyer USA established a self-regulatory model known as the Virtual Commodity Association Working Group for digital commodities like cryptocurrencies. The group strives to help and attract large-scale investors to the rapidly growing crypto market.
In a recent significant development, Bitstamp was acquired by Belgium-based investment firm NXMH, which is, in turn, a subsidiary of investment bank Barclays.