The cryptocurrency industry attracts people from all strides of life. Especially the underpinning technology has been of great interest. Cinnober taps BitGo to improve the technology powering various cryptocurrency exchanges.
Cryptocurrency exchanges need a technology upgrade. Most of these centralized platforms are prone to hacking and other criminal activity. Addressing those concerns will require a completely different mindset. The partnership between Cinnober and BitGo may herald this upcoming change.
BitGo and Cinnober Join Forces
Through this collaboration, BitGo will expand Cinnober’s trading and post-trade platform. As such, cryptocurrency exchanges will gain an end-to-end secure institutional-grade proposition. Bridging the gap between finance and cryptocurrency will lead to a much more resilient ecosystem. Benefits include high-performance trading, coping with regulatory requirements, and so forth.
Cinnober CEO Veronica Augustsson comments:
“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.”
For the cryptocurrency industry, this news comes at an opportune time. With so many exchanges suffering from hacks, a beefier security system is more than welcome. It’s also another nod of approval from the financial sector toward cryptocurrency firms. Cinnober is looking to expand its presence, and cryptocurrency has been of keen interest.