1/ The secret is finally out 🎉we’re launching The PIT, the fastest crypto exchange in the world (come find us at https://t.co/egT1Ca3BfU or @BlockchainPIT on Twitter and Instagram) pic.twitter.com/EObq2CmSgP
— Blockchain (@blockchain) July 30, 2019
Founded way back in 2011, Blockchain.com has been at the forefront of crypto-blockchain innovation and has been the pioneer of various services. In a blog post on Medium, Peter Smith, co-founder of Blockchain.com stated that the company was the first to build block explorer for visualizing data, first API for building dApps, and even the first non-custodial crypto wallet, the Blockchain Wallet.
He further added they also built the in-wallet retail brokerage service, Swap, and launched the biggest crypto airdrop till date to encourage more people to step into the crypto industry. Smith said,
But we remain frustrated with a large part of the market: exchanges. I’ve personally been using exchanges since 2011 and haven’t seen much improvement. They are unreliable, illiquid, and often unfair. They encourage users to keep their crypto deposited, rather than safely secured in their own private keys.
Blockchain.com decided to build their own crypto exchange about a year and a half, and have finally launched it. Smith feels that exchange present today are extremely complex, and their users have had terrible experience while transferring funds from their wallets to exchanges. It was these shortcomings of the existing exchanges which encouraged Blockchain.com to create its own crypto exchange.
They built a team of about 100 highly experienced individuals to work on the PIT crypto exchange. Most of these individuals came from big names like NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut. Smith further said,
We’ve now created the world’s fastest crypto exchange, clocking in at 40 microseconds per trade, capable of executing millions of orders per second. Connect your Blockchain Wallet directly and The PIT allows instant trading access and rapid transfer back to your secure storage.
Watch out Binance and Coinbase!