WATCH: Deribit CEO Says Crypto Exchange's $1.3 Million Gaffe Was 'Wake-Up Call'

Deribit, the Amsterdam-based cryptocurrency exchange, is learning from last week's $1.3 million mistake.

That's how much Deribit agreed to reimburse customers after an Oct. 31 flash crash triggered by an error in the exchange's system for pricing bitcoin futures contracts.

CEO John Jansen said Wednesday in an interview that the company has since fixed the flaw and is planning further improvements to avoid a repeat.

The company made a quick decision to reimburse harmed customers because it was "The right thing to do," Jansen said, while acknowledging that the question might have been more fraught had the cost been higher.

In last week's flash crash, futures prices on Deribit plunged quickly to $7,720 from $9,150 before bouncing back.

The exchange quickly published a blog post on its website attributing the drop to a "Bug in our system," adding an apology and stating that some $1.3 million had been paid to reimburse customers.

Futures prices on Deribit are linked to an index that compiles prices from multiple exchanges, and the calculation went awry when two of those exchanges simultaneously went offline.

Deribit is the world's sixth-biggest exchange for trading bitcoin futures, well behind industry leaders BitMex and Huobi, according to data provider Skew.

Eventually, Jansen says, trading in crypto markets is likely to consolidate on a small number of exchanges, so the competition is fierce even in these early days for the industry.

Jansen says he's the largest but not the majority shareholder of the closely held company, and he declined to disclose Deribit's revenue from trading commissions.