Blockchain, a leading cryptocurrency firm that’s in charge of Blockchain multi-crypto wallet, has announced the launch of its cryptocurrency exchange “The PIT“. The exchange is run by a team of former executives at top finance and tech companies like TD Ameritrade, Google and Goldman Sachs, according to a CNBC report on July 30, 2019.
Blockchain Launches The PIT Crypto Exchange
In a bid to provide retail and institutional investors with a platform that can execute trades with a “lightning-fast” speed, Blockchain has launched The PIT exchange.
Per sources close to the matter, the new exchange is powered by the Mercury order matching engine which can execute buy or sell orders in “40 to 50 microseconds,” a speed that it says surpasses that of established exchanges such as Binance and Coinbase.
Reportedly, The PIT exchange has raised over $70 million from various investors including the founder of Virgin Air, Sir Richard Branson, Lakestar and GV.
PIT Exchange Offers Unlimited Liquidity
According to the team, the exchange will be present in more than 200 countries across the globe and it will support 26 trading pairs initially, plus three major fiat currencies including the U.S. dollars (USD), euros (EUR) and pounds sterling (GBP).
The PIT exchange team claims to have attracted 40 million cryptocurrency traders already, all of whom can link their bank accounts with their Blockchain wallets and exchange their cryptos for fiat seamlessly.
Even with the growing ubiquity of bitcoin trading venues and exchanges, operators of The PIT exchange, who have previously served at top tech and financial services firms like Google, Goldman Sachs and TD Ameritrade, firmly believe that many people still find it difficult to buy bitcoin or trade cryptocurrencies and the new exchange will fix the problem.
Commenting on the launch of The PIT exchange, Nicole Sherod, head of trading products at Blockchain hinted that the exchange will provide users with unprecedented liquidity that will enable them to handle the volatility associated with cryptocurrency trading.
“In volatile markets, speed is very essential. I would not feel comfortable delivering a platform to retail crypto traders that put them in a tight position where they couldn’t get in and out of a trade with lightning-fast speed,”