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Leading cryptocurrency exchange Coinbase is building new matching engine infrastructure ahead of an expected bull rally in the crypto market, The Block reported.
Coinbase Markets has been working to improve the infrastructure and is expected to switch to a new matching engine later this year. A source familiar with the matter source told The Block that the migration could take place as early as June 2019.
In an interview with The Block, Paul Bauerschmidt, product manager for Coinbase Markets, said that Coinbase’s trading technology is more robust as compared to the time when he joined the firm 18 months ago.
“At the end of 2017, the go-go days, we all mutually realized we need to re-think the way we were approaching this problem,” he said. “It is something we will be prescriptive with. We’ve been doing really well and have already implemented a bunch of improvements around the asset-listing process.”
Crypto markets appear to be on the path to recovery. BTC/USD has broken above key resistance at 200-DMA and is trading well above the $5000 mark.
ETH/USD also seems to be going stronger, holding above 5-DMA and trading at $183 at the time of writing.
Commenting on the bull market, Iain Wilson, Advisor at NEM Ventures, the venture capital and investments arm of the NEM blockchain ecosystem, said,
"Market participants have been looking for confirmation of a market bottom this year after a full 100% retracement of the big 2017/18 rally. Technically the market had the first resistance point at $4200 BTC and short sellers had been targeting around this level. Interestingly, the CME futures expiry at the end of March has corresponded with this market spike and volumes on exchanges have been high. Taking a step back, NEM Ventures continues to believe that mainstream financial adoption of digital assets is starting which has huge implications for the whole ecosystem."
Steven Nerayoff, Co-founder of CasperLabs, a new decentralized Proof of Stake blockchain, said:
"The April fool’s joke was that crypto is dead! As with most bear market bottoms bad news stopped causing the market to go down. Meanwhile, groundbreaking technology is being introduced [such as the Casper Labs protocol] and large enterprise implementation like Facebook’s crypto offering point towards mass adoption and have caused pent up. If people think the ‘crypto winter’ bear market was breathtaking in its decline, wait until they see how the ‘crypto spring’ market reacts on a new bull market leg up.”
Bauerschmidt said that Coinbase is preparing for “the next super major run-up.”
“And I want to be able to do that at scale. From my perspective when I was at CME Group, whenever we would reduce latency, or increase the determinism of the underlying platform then we would see customers responding quickly and you could observe it in the way the market was quoted, the numbers of trades that occurred, and the numbers of traders,” he said.
“This transition from web technology to true low latency engines is a mega transition that will materially change the way crypto works.”
Other crypto exchanges are also making efforts to improve their matching engine infrastructure. Bitstamp is going to incorporate Cinnober’s TRADExpress Trading System into its infrastructure. Bitfinex, on the other hand, has teamed up with matching engine technology provider Connamara to offer “robust, high-performance connectivity” to its institutional clients.
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