Blockchain announced the launch of “the Pit,” and it claims to be the fastest exchange in the crypto space. Blockchain, CEO and co-founder Peter Smith wrote that the Pit is capable of executing millions of trades per second. Smith wrote in his blog that the exchanges that are available in the market had not improved much since they were started, and most of them are illiquid, unreliable, and often unfair.
Blockchain started developing in earlier 2018, and today they have launched it for users all over the world. Smith aimed to build a product that would redefine peed, reliability, and liquidity. The PIT allows instant trading access and fast transfer back to users secure storage.
Blockchain enters the exchange world.
Blockchain is a well-known wallet service provider launched in 2011. It allows users to hold their cryptocurrencies through a private key. Blockchain has decided to enter the exchange business with what they claim to be the ” fastest trading” software. According to Peter, 100 employees that worked in firms like NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut have helped in the launch of the Pit.
The Pit is launched in 200 countries, and it supports USD, EUR, and GBP via bank transfers. Users will be able to sell and buy cryptocurrencies like BTC, ETH, BCH, LTC, USDT, and PAX. The Pit will not charge any trading fee for the first 30 days after that it will cost 0.24% on trades less than $100,000.
Smith said that currently, blockchain serves 40 million customers wallets and 14 million of them have been active recently. He believes many of those customers will be interested in using blockchain for both trading and storing their cryptocurrencies.
