Mimetic Markets announced today it has released the source code of its Sputnik Exchange Engine in an attempt to democratize Bitcoin exchanges and motivate developers in contributing to software development.

Through the release, Mimetic Markets is looking to provide financial software infrastructure to the developer community and hopes to enable the proliferation of Bitcoin exchanges on a global scale, the company said in a release. 

Moreover, the company believes that the open-source nature of its turnkey Bitcoin exchange platform will provide users with “greater assurances regarding security.”

Sameer Parekh Brenn, CEO of Mimetic Markets, stated:

"We see news of a new exchange being hacked almost every week. By releasing our platform as open source, we can give our customers and other entities using the Sputnik platform greater confidence that their exchange will be secure and their end-users’ assets safe."

Mimetic Markets' core product offering, the Sputnik Exchange Engine, is now available under the Mozilla Public License, a software license developed and maintained by the Mozilla Foundation, “designed to motivate both businesses and the open-source community to help develop core software.”

“Developers can now use the Sputnik Exchange Engine to build exchanges supporting cash, prediction, and futures markets,” the company said. “They can also embed the platform into other applications, extending the benefits of a powerful derivatives exchange platform to all components of the cryptocurrency ecosystem.”

Founded in 2014 by a team comprised of Wall Street and internet veterans, Mimetic Markets launched its Bitcoin exchange platform product in October 2014.

The platform has been powering numerous exchanges around the world, most particularly in emerging markets, including Honduras' first Bitcoin exchange, Honduran Mercario, and Colombia's CriptoBanco

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