The Launch of The PIT
In an exciting move for the cryptocurrency world, Blockchain.com has thrown its hat into the ring by launching a brand new crypto exchange called The PIT. This platform aims to give popular exchanges, such as Binance, a run for their money. The brains behind this venture? A team of former high-flyers from illustrious institutions like Google and Goldman Sachs.
Global Availability and Trading Pairs
The PIT isn’t just battling locals in the crypto market—it’s going global! With operations set in over 200 countries, this exchange is ready to embrace a worldwide audience. It initially supports 26 trading pairs, making it versatile enough for both newcomers and seasoned traders alike. Customers will be able to link their bank accounts directly to their Blockchain.com accounts, allowing for seamless trading against three major fiat currencies: the United States dollar (USD), the euro (EUR), and British sterling (GBP).
Speed Matters: The Race Against Time
Blockchain.com CEO Peter Smith emphasizes that speed is not just important; it’s critical. Orders can be executed in less time than it takes to say “Bitcoin volatility.” The PIT’s matching engine, aptly named Mercury, can process orders in just 40 to 50 microseconds. That’s faster than most of us can even decide what to have for lunch!
Insights from the Pros
Nicole Sherrod, head of trading products at Blockchain.com, supports the idea that operational speed will be the backbone of The PIT’s success. In her own words, “In volatile markets, speed is of utmost importance.” This sentiment is echoed by many in the trading community. If a retail investor can’t exit a trade quickly, their investment could be toast in a matter of moments.
A New Era of Liquidity
Not only does The PIT promise speed, but it also aims to introduce a new level of liquidity that could give competitor exchanges a run for their money. This liquidity is essential for creating a robust trading environment where buyers and sellers can interact without the frustration of sluggish trades.
A Brief History of Blockchain.com
For those who might not be familiar, Blockchain.com—previously known as Blockchain.info—has been around since 2011, initially making waves as a Bitcoin data supplier. With over 40 million registered wallets to its name, it has firmly established itself as a leading crypto wallet. The company has raised $70 million from notable investors, including billionaire Richard Branson and early backers of Spotify, which is a testament to its credibility and growth in the cryptocurrency landscape.
