Cinnober, a global independent provider of exchange technology, announced this week it has partnered with cryptocurrency security firm BitGo to provide solutions to cryptocurrency exchanges. Cinnober reported BitGo’s wallet solution will expand its trading and post-trade platform to provide an end-to-end secure, institutional-grade digital asset exchange solution.
Cinnober then revealed that through the BitGo collaboration it is consolidating its offering to cryptocurrency exchanges in need of a reliable and proven, high-performance trading solution to handle increasing market volumes, expectations from institutional investors and requirements from regulators.
“BitGo’s wallets and custodial services allow clients to store and transfer digital assets using industry standards for security and financial privacy. The 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.”
While sharing more details about the partnership, Veronica Augustsson, CEO of Cinnober, stated:
“This cooperation strengthens our offering to cryptocurrency exchanges. 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.”
Mike Belshe, CEO of BitGo, then commented:
“BitGo has a long history of successfully serving cryptocurrency exchanges, and we’re pleased to partner with Cinnober. 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 institutionalization 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.”
Belshe then added:
“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.”