The Company Behind Popular Bitcoin Wallet Launches World’s ‘Fastest Crypto Exchange’
Blockchain, provider of the leading Bitcoin wallet, has announced the launch of its own crypto exchange. Dubbed The PIT, the new platform is said to be “the fastest crypto exchange in the world.”
Formerly known as Blockchain(.)info, Blockchain(.)com was founded in 2011 to initially serve as a Bitcoin block explorer. To date, the firm has been a provider for one of the most popular crypto wallets with over 40 million registered wallets. The company raised a total of $70 million from investors including British billionaire Richard Branson, Alphabet venture arm GV and early Spotify backer, Lakestar.
According to the announcement, The PIT is the result of a behind-the-scenes effort led by a team of former executives from the New York Stock Exchange, TD Ameritrade, Google and Goldman Sachs.
The exchange will be available in more than 200 countries, initially supporting 26 trading pairs. Customers will be reportedly able to link their bank account with an account at Blockchain.com and trade crypto against three major fiat currencies, including U.S. Dollar (USD), the Euro (EUR) and British pound (GBP).
The platform’s matching engine Mercury can execute buy or sell orders in “40 to 50 microseconds,” an “order of magnitude faster than other market players” like Coinbase and Binance, said Peter Smith, Chief Executive Officer of Blockchain.
Having enjoyed popularity with bitcoin enthusiasts — Blockchain claims to account for about 25% of daily activity on the bitcoin network — the company is hoping its exchange platform will help lure in the uninitiated.