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Bitcoin wallet provider Blockchain unveils cryptocurrency exchange ‘The PIT’

The PIT Homepage Screenshot (TokenPost)

Tue, 30 Jul 2019, 12:08 pm UTC

Blockchain, a leading provider of bitcoin wallet and blockchain explorer, has announced the launch of its first cryptocurrency exchange platform.

The company has officially unveiled The PIT, which it claims to be the fastest cryptocurrency exchange in the world.

In an online post detailing the new platform, Blockchain noted that existing blockchain platforms are plagued with a number of shortcomings – unreliability, illiquidity, and unfair mechanisms.

“They encourage users to keep their crypto deposited, rather than safely secured in their own private keys,” it said. “On top of all this they are overly complex: getting the full feature set often requires accounts at multiple venues – one with plenty of asset selection, one with decent fiat support, and perhaps one with leverage.”

With The PIT, Blockchain aims to address these issues and offer a platform that would “redefine speed, reliability, and liquidity for each and every crypto believer around the world.”

“We’ve now created the world’s fastest crypto exchange, clocking in at 40 microseconds per trade, capable of executing millions of orders per second. Connect your Blockchain Wallet directly and The PIT allows instant trading access and rapid transfer back to your secure storage,” it added.

The exchange, currently in beta, will allow trading in up to 26 assets over the next two weeks, CoinDesk reported. Blockchain’s head of retail products Nicole Sherrod told the news outlet:

“Beyond the 26 [assets] we already know what our phase two asset listings are going to be, as well as phase three.”

While it remains to be seen how well The PIT is positioned to compete with other well-established exchanges such as Coinbase and Binance, Sherrod said that they are looking to compete on the overall client experience.

A company spokesperson said that the exchange would not operate in jurisdictions requiring a license. Sherrod, however, said that Blockchain is already in the process of applying for new licenses in various jurisdictions.

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