The Bitstamp exchange has announced a partnership with market monitoring and analytics software provider Irisium to implement new technology in order to keep tabs on market activity.

The partnership will see Irisium’s “state of the art holistic monitoring technology” implemented on the Bitstamp exchange.

Bitstamp founder and CEO Nejc Kodric said the firm is working closely with Irisium and will “leverage their significant experience to provide a more robust and transparent trading venue for our customers.”

Kordic said “effective market monitoring is crucial” if the general cryptocurrency industry is to mature, while the Bitstamp team wrote how Irisium’s technology would give a boost to its KYC/AML procedures and other “advanced security software and protocols.”

Upgrading Their Technology

According to Irisium’s website, their market surveillance services incorporate “trade, communication and behavioural data.” The company’s platform also gives clients the ability to run a variety of analytics to cut down on risk and meet MiFD II obligations.

Irisium CEO Alastar Goodwin noted how Bitstamp’s adoption of its technology “demonstrates their desire to increase transparency, integrity, and confidence in the cryptocurrency market.”

In March, Irisium announced collaboration with Bitfinex to integrate its Surveillance platform onto the exchange. Bitfinex explained that the integration would bolster existing monitoring tools and boost the ability to “identify, investigate and mitigate manipulative trading behaviours on our platform.”

Bitstamp’s Dedication Towards Security

A news release from Irisium elaborated on the exchange’s focus on security and regulation, noting its emphasis on KYC/AML procedures and other advanced software.

Bitstamp Europe SA, a Luxembourg entity, was the first exchange inside of the European Union with a payment institutional license.

A renewed focus on security over the last few years most likely arose after hackers stole $5 million in bitcoin back in January 2015 from the exchange.    

In late October 2018, Bitstamp was purchased by Belgian-based NXMH, which is a subsidiary of a South Korean digital technology investment company.

Kodric said the sale was not planned, but explained how 2017’s vibrant industry “sparked potential interest from buyers to make a footprint in the industry.”