Coinsetter Integrates With Bitstamp to Boost Its Bitcoin Trading Platform

New York City-based bitcoin trading platform Coinsetter is bringing liquidity to bitcoin trading for investors by integrating with Bitstamp.

Bitstamp, a Slovenia-based bitcoin exchange, is currently the number two globally for trading between the United States dollar and bitcoin by volume, according to Bitcoin Charts.

Jaron Lukasiewicz, CEO of Coinsetter, told CoinDesk:

“Coinsetter is a low-latency, high-uptime trading platform for bitcoin. Our trading engine is approximately 10 times faster than other exchanges on the market, and we are spending time optimizing it further. I view us as a base of stability for reliable trading.”

The Coinsetter blog post announcing the news made it clear that market-based Bitstamp orders will be filled on the platform. Customers will also be able to trade in and out of orders directly from Coinsetter traders as well. The post explains:

“Market orders and marketable limit orders will be filled on Coinsetter’s consolidated order book, which will include quotes from both Bitstamp and other Coinsetter customers. As you trade, out-of-market limit orders will rest on Coinsetter’s order book, and we will fill those orders when they are matched by a quote on Bitstamp or when matched by the order of another Coinsetter user.”

According to the post, Coinsetter makes it clear that it plans to add other bitcoin exchanges in the future. That could give investors some interesting opportunities given the differing bitcoin prices on various exchanges.

The blog post continues:

“Our goal is to aggregate other popular exchanges into our order book to provide one of the most liquid points of access to the bitcoin market.”

Lukasiewicz also told CoinDesk that Coinsetter plans to bring on additional currency pairs for bitcoin trading, including the Euro: “We absolutely plan to offer additional currency pairs in the future.”

The company’s strategy is to act as an electronic communications network (ECN), allowing users to access to multiple exchanges for investing. CoinDesk recently reported that Coinsetter is in the process of raising another $1.5m in order to hire more developers to help build its product.

However, Coinsetter faces some stiff competition. Singapore-based itBit recently raised $3.5m to create a NASDAQ-powered bitcoin exchange. iBit is hiring full stack developers in New York.

As it stands, Coinsetter is in limited beta. Interested traders should sign up for the platform’s waiting list to get in queue for a beta access code.

Lukasiewicz explained: “We have sent out less than 1,500 beta codes to date. We have a sizeable sign up list and plan [to open] things up substantially in Q1.”

Exchange image via Shutterstock