Blockchain CEO Peter Smith yesterday announced the launch of its new exchange platform “The Pit,” which claims to be the fastest exchange service in the market. On its launch, Peter Smith, in his blog, described current exchange services as “outdated, broken, and skewed against users.” He added that he had been personally using exchange services from the start, but he was never impressed with any of them. According to him, they all look the same and are illiquid, unreliable, and often unfair. The Pit which claims to be able to hold millions of transactions in seconds.
The Pit would compete with trading giants in the market like Coinbase, Binance, and Kraken. Sherrod, a former managing director of trading at TD Ameritrade joined the Blockchain in 2018 said that the Pit would redefine the category by solving critical problems like Liquidity, Speed and Reliability.
The Pit will support 23 cryptocurrencies, and fiat-to-crypto trading for U.S. dollars, euros, British pounds. Sherrod mentioned that while other exchanges are measuring transactions time in milliseconds with the Pit, we have set the bar high by measuring it in microseconds.
Smith also mentioned that currently, Blockchain supports wallets of 40 million users, and he is positive that most of them would prefer to store and trade using the same platform. The company has raised over 70 million dollars in investment, which include investments from Richard Branson, Alphabet venture arm GV, and early Spotify backer Lakestar. Currently, the Pit is available for trading in 200 countries.
