Blockchain.com, the most trusted crypto company, which is known to have created more than 40 million wallets until today, has announced the launch of ‘The PIT,’ its microsecond-latency crypto exchange. Following the launch, this institutional-grade platform will be available in more than 240 markets across the globe.
In the words of Peter Smith, Blockchain CEO, “The current crypto exchange market is outdated, broken, and skewed against users. We got tired of waiting for a new entrant to deliver the performance of today’s traders demand. We decided to take matters into our own hands, and built an exchange that puts users first, including the 40M wallets on our platform.”
As revealed by the CEO, the platform has been in the development stage for over a year now and it was created secretly by a dedicated new group of employees from Blockchain.com. The stealth team included veterans from technology and finance companies enterprises such as Google, Goldman Sachs, NYSE, TD Ameritrade, E*Trade, Revolut, UBS, and Interactive Brokers.
The new crypto exchange will focus on speed and as disclosed by the company, following extensive R&D its custom “Mercury” matching machine is now able to deliver speeds a quantum faster when compared with any other crypto exchange. It is hosted in one of the fastest and reliable low-latency data centres in the world, thus promising to offer performance and reliability regardless of market conditions.
Blockchain.com’s previously unannounced Head of Retail Products, Nicole Sherrod, said: “I’ve dedicated my career to championing the retail investor and giving them a powerful trading experience that is not only fair but provides an edge. When Peter approached me with his vision for The PIT, I realized this was an even greater impact on retail crypto traders everywhere.”
A feature called Blockchain Connect has been introduced, which will enable wallet users to transfer funds directly through and from their PIT account. This is done along with managing their digital assets through a service provider. Addressing another major issue faced by investors in various markets across the globe, the company assures its traders that it will never indulge in trades against its clients or give itself superior market access.
The Pit will be available to users in more than 200 countries with 26 trading pairs which will initially include BTC, Ether, Litecoin, Bitcoin Cash, and stablecoins Paxos Standard and Tether. Blockchain.com aims to add more trading pairs in the future. The trading venue of The Pit will be launched with a diverse set of market markers which will be backed by a deep lending pool.
Blockchain.com is not the only firm which is giving importance to speed. Recently, Bistamp, one of the oldest crypto exchanges, was planning to increase its speed of order matching by 1,200 times, by partnering with the exchange technology provider Cinnober. LMAX Digital, a subsidiary of London Exchange Group LMAX, also has a high-frequency cryptocurrency exchange venue.
As mentioned by Smith, “We are 30 to 40% emerging markets. We have a very active customer base in Venezuela, Ukraine.” He said that the exchange would not be solely focusing on the U.S., as it has “millions and millions” of users in other parts of the world.
To trade at The Pit, a user must at least be a Silver Tier KYC which means he would have to provide a verified email, legal name, date of birth, and address. A Gold Tier KYC will require the photo of the applicant and the government-issued ID and this opens up higher trading amounts and features on the exchange and the wallet.