Cryptocurrency exchanges are always looking to improve their overall service. This is much easier said than done, for obvious reasons. Bitfinex is heading down an interesting path in this regard. The company is now working together with Irisium Ltd. to integrate their trade surveillance solution.
It is evident companies such as Bitfinex still have room for improvement While their service is doing quite well, properly analyzing the data remains a key point of focus. Moreover, the company wants to remain one step ahead of trading manipulation at all times. In-house solutions are a good start, but more advanced solutions are needed as well. The company taps Irisium Ltd to provide exactly that service.
A Smart Decision by Bitfinex
More specifically, the exchange wants to crack down on suspicious trading practices. Irisium has made a name for itself with their market surveillance and analytical software for the financial industry. With cryptocurrencies becoming more popular, the risks associated with trading are also on the rise. Addressing these potential problems need to happen sooner rather than later.
Irisium Ltd CEO Alastair Goodwin comments:
“We are at a tipping point in the development of the digital currency marketplace. As professional traders and sophisticated investors enter the market, exchanges need to deploy modern surveillance tools that can detect abusive trading practices and protect their customers”.
For the end user, very little will change. Instead, this new technology will be integrated to facilitate backend trading management analysis. Surveillance tools are seemingly in high demand in the world of cryptocurrency exchanges as of right now. It will be interesting to see how this venture plays out altogether. The opportunity to make a meaningful impact is certainly there.
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