One of the biggest companies in crypto, Blockchain.com, has just announced its exchange, The PIT, which aims to combat competition by relying, above all, on speed.
According to information released by Blockchain.com, the platform has been in development for more than a year. It will become a complementary service to the cryptocurrency wallet service it already provides.
The PIT has been designed and built in a totally secret way and the company has been capable of keeping all the information confidential. However, it will have to face the biggest realities present today, including Binance and Coinbase, the platforms that drive this sector.
Blockchain and The PIT
Blockchain.com and its new exchange The PIT are all about speed, setting themselves apart from the crowd by capitalising on this feature and trying to reach microseconds rather than milliseconds.
The company will certainly take advantage of the large number of users who already use the wallets – currently 40 million – to increase volumes, diverting precisely these transactions directly into the new exchange.
Speed does matter these days. Bitstamp, one of the longest-running cryptocurrency exchanges, has also recently announced its intention to increase speed on its platform, in collaboration with Cinnober.
However, speed is not an absolute priority for most investors. An executive has pointed out that:
“This is not that important right now”.
The PIT, Blockchain.com’s new exchange, will be available to users in over 200 countries, with initially 26 trading pairs including bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), tether (USDT) and standard paxos (PAX).
It will be able to support withdrawals, deposits, and fiat-to-crypto trading directly in US dollars, euros, and pounds sterling. Blockchain.com has stated that it plans to add more trading pairs for the new exchange in the future. The focus is not on the United States, Smith said, since there are millions of users outside the country.
“We have a very active customer base in Venezuela, Ukraine, for example.”