Blockchain.com, the popular bitcoin wallet company unveiled its new cryptocurrency exchange-The PIT on July 30th as we are finding out today in the latest cryptocurrency news.
The major selling points of the platform include its infrastructure which has been designed with some speed and deep liquidity in mind so the users don’t have to worry about trades being botched by an exchange outage or thin order books. The owners of Blockchain.com started their work on the exchange last summer. Since then, the company created a team of experts for mainstream finance and tech arenas in order to actualize the PIT. As we can read from their announcement:
“We built an all-star team of veterans from NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut, to build it from the ground-up […] And what we delivered is not only the fastest in crypto by an order of magnitude – we measure in microseconds, not milliseconds – but a matching engine that could go head-to-head against any machine engine in the entire world.”
With that being said, the platform has been designed for institutional investors and retail investors since the prospects will be boosted by the sizeable pipeline of Blockchain.com wallet users which are more than 40 million. The users will be able to use The PIT in a non-custodial manner and can trade from their wallet without the need to deposit crypto and centralized venue first. The company’s new trading platform is a very strategic move in order to boost the Blockchain ecosystem and make it as a one-stop-shop for all things crypto-related:
“Folks are logging in to transfer their funds to outside exchanges. This will help us pull them deeper into our ecosystem.”
Registrations for The PIT started on July 30th so now the traders can sign up to the platform. There will be more than 30 different cryptocurrencies supported on the platform.Blockchain.com now has to keep an eye on its competition in Europe-BitFlyer. The chief operating officer Andy Bryant of BitFlyer noted for the altcoin news:
“Not only is bitFlyer Buy/Sell easy to use, but with us users have the confidence that they are using a trusted, regulated platform with long-standing global heritage.’’
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