Leading bitcoin wallet provider Blockchain.com has officially entered the cryptocurrency trading industry with its newly launched exchange ‘The PIT.’
The London-based firm confirmed the soft launch of its newest crypto product, enabling users in more than 200 countries to trade 26 pairs including fiat-to-crypto instruments dominated in USD, EUR, and GBP. The exchange will offer major cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash and Litecoin, as well as stablecoins such as USDT and PAX.
Blockchain.com, which was previously called Blockchain.info, was established in 2011 and has its headquarters in Luxembourg. According to its website, it runs over 40 million wallets, which have transacted over $200 billion with “the lowest fees in the industry.”
Blockchain says The PIT’s retail and institutional investors will have access to super-fast execution services, in microseconds, thanks to hosting its “Mercury” matching engine in Equinix LD4.
With this new product, users will also benefit from a new feature called Blockchain Connect to transfer funds between its more than 40 million wallets and their Pit accounts without the need to give up control of their keys or their crypto.
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A dedicated banking network to facilitate payments
At launch, The PIT will be available in 240 markets including 20 US states, excluding New York.
The company believes the new exchange makes it easier for cryptocurrency users to trade safely through a dedicated banking network to facilitate deposits, withdrawals, and fiat-to-crypto trading.
The PIT requires two-factor authentication (2FA) for accounts. One interesting thing to note about registering for the exchange is that users can sign up with merely an email address and basic personal information to make the process much quicker. Still, to be fully verified, users are required to provide a government-issued ID to obtain approval and increase trading limits.
The PIT will compete with a slew of trading platforms but its parent, which launched eight years ago, claims to offer top-notch trading in many areas.
Peter Smith, co-founder and CEO of Blockchain, explains: “The current crypto exchange market is outdated, broken, and skewed against users. We got tired of waiting for a new entrant to deliver the performance today’s traders demand. We decided to take matters into our own hands, and built an exchange that puts users first, including the 40M wallets on our platform.”
“We’re incredibly lucky to have assembled a world class team who have been heads-down building The PIT for the past year. The ‘PIT Crew’ as we call them, has an unmatched level of technical skills and the domain expertise required to develop a product of this caliber,” added Smith.