Gap600 service targets crypto exchanges’ common pain point—transaction lags
Swedish financial technology company Cinnober has partnered with cryptocurrency payment solutions provider GAP600 to enable instant confirmation of cryptocurrency transactions on exchanges, according to a press release.
The instant cryptocurrency transactions functionality will be available as an add-on to Cinnober’s cryptocurrency offering for exchanges.
Eric Wall, Cinnober Cryptocurrency and Blockchain Lead, said, “GAP600’s instant confirmation service removes the lag time associated with cryptocurrency deposit transactions between users and exchanges. 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.”
Instant confirmations are made possible by GAP600’s proprietary risk engine, which determines the risk involved with each transaction. Furthermore, cryptocurrency payments are guaranteed through an underwriter, even before a transaction is included in the blockchain.
GAP600 co-founder and CEO Daniel Lipshitz said, “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. Offering this functionality will significantly improve the cryptocurrency exchange value proposition.”
Cinnober Group CEO Peter K. Lenardos noted how delays in confirming cryptocurrency transactions has been a significant concern for traders. “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,” he said.
For Bitcoin Cash (BCH) transactions, the new service will be offered on top of instantly verified transactions that allow users to spend amounts that have just been transferred to one’s wallet, almost instantaneously.
Last September, stock exchange company Nasdaq announced its plan to purchase Cinnober through a $190 million all-cash recommended public offer. The move is intended to allow Nasdaq to increase its presence in the cryptocurrency sphere. With Cinnober as strategic partner to cryptocurrency custodian BitGo, the acquisition will allow Nasdaq to venture into custody services using an already regulated entity.
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