Major cryptocurrency exchanges like Binance and Coinbase just got themselves a competitor as leading crypto wallet provider, Blockchain.com officially announced its lightening-speed trading platform dubbed “The Pit.”
According to a CNBC report today, the blockchain data provider firm aims to eradicate the downtime encountered in the trade of cryptocurrencies, to set the pace for a healthy competition among top crypto exchanges including Coinbase and Binance.
Peter Smith, Blockchain CEO, said he is confident that the new exchange would be able to process transactions within 40 – 50 microseconds, which is faster than what major crypto exchanges offer.
Team members who contributed to the setup of the exchange include top executives from major IT firms like New York Stock Exchange, TD Ameritrade, Google, and Goldman Sachs.
Blockchain.com is considered as one of the most popular providers of cryptocurrency products with over 40 million wallets created to date. The company noted in the announcement that The PIT would be made available in over 200 countries beginning with 26 trading pairs.
Additionally, Blockchain plans to use its Blockchain connect feature to enable users to move funds quickly from their PIT accounts and vice versa, while controlling their cryptos through a single provider.
The PIT will be launched with a global banking network. Users can link their bank accounts to their PIT account, thereby making it easy to trade their cryptos with three major fiat currencies including British pound sterling (GBP), Euro (EUR), and the U.S. dollar (USD).
Nicole Sherrod, head of trading products at Blockchain, believes the new exchange would work wonders in bringing more investors to the crypto space.
“There’s a huge audience of people who have not yet placed their first bitcoin trade,” Nicole stated.
Blockchain.com’s prowess has not gone unnoticed by crypto enthusiasts, with several achievements like being responsible for over 25% transaction that occurs on the Bitcoin network as claimed by the company.
As reported by Coinfomania in January, Blockchain.com CEO announced that plans were in the pipeline to partner with a stablecoin company which could see the company list a stablecoin later this year.
Although the CEO refused to give specific details, there was speculation that the partnership could be with Paxos Standard (PAX).