Cinnober Teams Up with BitGo
Cinnober, a provider of exchange technology, and BitGo, which offers institutional-grade cryptocurrency security, are collaborating to provide solutions to cryptocurrency exchanges.
BitGo’s wallet solution will expand Cinnober’s trading and post-trade platform with the aim of providing an end-to-end, secure, institutional-grade digital asset exchange solution.
Through the collaboration with BitGo, Cinnober claims that it is consolidating its offering to cryptocurrency exchanges in need of a high-performance trading solution to handle increasing market volumes, expectations from institutional investors and requirements from regulators. BitGo’s wallets and custodial solutions include security key management, multi-signature setups, setting of procedures and client-driven policies to ensure assets are held in a highly secure environment.
“This cooperation strengthens our offering to cryptocurrency exchanges,” says Veronica Augustsson, CEO of Cinnober. “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.”
“BitGo has a long history of successfully serving cryptocurrency exchanges, and we’re pleased to partner with Cinnober,” says Mike Belshe, CEO of BitGo. “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. This is an important step in driving the institutionalisation of the cryptocurrency market because it provides customers with the tools and technology they need and ensures the market is ready for both institutional and retail investors.
“As interest in cryptocurrencies continues to grow and expand beyond the retail market, we will continue to support these exchanges with secure, scalable and flexible technology solutions that can help them manage their growing digital asset portfolios.”