Cinnober, a global independent provider of exchange and clearing technology, has announced an agreement with GAP600, a pioneer in cryptocurrency payment enablement, to make their instant cryptocurrency transactions functionality available as an add-on service to Cinnober’s cryptocurrency exchange offering.
“GAP600’s instant confirmation service removes the lag time associated with cryptocurrency deposit transactions between users and exchanges,” says Eric Wall, Cryptocurrency and Blockchain Lead at Cinnober. “Such transactions can take 60 minutes or more until they are visible in the user’s trading account. Due to the volatility in the cryptocurrency markets, the value of the assets can change significantly during this time. This problem is removed with GAP600’s service.”
“The cooperation with GAP600 strengthens our cryptocurrency offering further, delivering additional benefits to clients” says Peter K. Lenardos, CEO of Cinnober Group. “The current lag time for transactions over the blockchain is a major pain point for those trading cryptocurrencies. Being able to offer instant transaction functionality will help our clients improve their competitive advantage in the cryptocurrency exchange space.”
GAP600 facilitates instant, risk-mitigated cryptocurrency commerce by enabling exchanges to recognize unconfirmed Bitcoin and Bitcoin Cash transactions as final. This is made possible by GAP600’s proprietary risk engine, which analyzes and performs live risk scoring for each transaction as it reaches the so-called memory pool. In addition, GAP600 is re-insured by an underwriter. This enables the company to guarantee cryptocurrency payments before they reach the blockchain.
“GAP600 is easily integrated, which means the instant payment transaction functionality is ready to go live on the Cinnober platform, offered as a value-added feature to Cinnober customers,” explains GAP600's co-founder and CEO, Daniel Lipshitz. “Offering this functionality will significantly improve the cryptocurrency exchange value proposition.”
Cinnober serves leading financial marketplaces globally with robust and proven multi-asset class solutions. Cinnober’s cryptocurrency offering provides a reliable and high-performance cryptocurrency trading solution that can handle increasing market volumes, expectations from institutional investors and requirements from regulators. Through partnerships with BitGo, provider of custodial services, and Irisium, market surveillance technology, Cinnober provides an end-to-end secure, institutional-grade digital asset exchange solution.
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Cinnober provides solutions and services to leading trading and clearing venues, including exchanges, clearinghouses, banks and brokers. Cinnober’s solutions are largely based on the TRADExpress™ Platform, incorporating everything needed for mission-critical solutions in terms of performance, robustness and flexibility. The portfolio of offerings includes price discovery and matching, real-time risk management, clearing and settlement, index calculation, data distribution and surveillance.
Cinnober’s customers include the Asia Pacific Exchange, Australian Securities Exchange, B3, Dubai Gold & Commodities Exchange, Euronext, Japan Exchange Group, Johannesburg Stock Exchange, the London Metal Exchange, LME Clear, NYSE and the Stock Exchange of Thailand.
Using its extensive experience in financial technology, Cinnober has broadened its reach through the establishment of highly specialized and competitive subsidiaries. Today, three such subsidiaries exist within trade reporting and transparency, post-trade and client clearing and trade surveillance and analytics.
Cinnober’s shares are traded on the Nasdaq First North exchange and the company’s Certified Advisor is FNCA. For additional information, please visit www.cinnober.com.
GAP600 is a global pioneer in cryptocurrency payment enablement. The company has been active in the Bitcoin space since 2015, with the solution in production since August 2016. GAP600 facilitates instant, risk-mitigated cryptocurrency commerce by enabling exchanges, payment service providers (PSPs), and other operators and merchants that accept cryptocurrency to recognise unconfirmed Bitcoin and Bitcoin Cash transactions as final. GAP600’s proprietary risk engine analyses and performs live risk scoring for each transaction as it reaches the mempool. This enables the company to guarantee cryptocurrency payments before they reach the blockchain. The functionality of the GAP600 solution is revolutionising the speed of cryptocurrency transactions and creating a more efficient user experience, adding significant value to a range of transactional and commercial environments. The company’s diverse professional team is experienced in the fields of online financial infrastructure development, payment and online fraud. detection, and business development. For additional information, please visit www.gap600.com.