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Blockchain.com Launches Cryptocurrency Exchange to Challenge Binance and Coinbase

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July 30, 2019 | 

Darryn Pollock |  0 Comments| 

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Well-known cryptocurrency wallet provider, Blockchain.com, has pivoted somewhat to open up a new cryptocurrency exchange it is calling The PIT. This exchange ie being branded as an enterprise-grade service that has some new-age benefits. 

Cryptocurrency exchanges remain a concern area of the cryptocurrency industry because of hacks, bad practices, and poor regulation. However, The PIT is aiming to combat that with its entry to the market. 

Faster, Safer, more liquid

On its announcement, The PIT has come out and boasted that it is the fastest cryptocurrency exchange in the world. What this means is that it can execute trades quicker than Binance or Coinbase, which they believe makes a huge difference for traders trying to time the market. 

Moreso, The PIT is looking to maintain reliability, a problem for exchanges who regularly go down at inopportune moments. The exchange reports to be using Equinix LD4: “one of the most reliable and lowest-latency data centers in the world.”

Finally, in order to ensure liquidity as they begin their journey, The PIT states they have already managed to get market makers already onboarded. This will allow them to offer 26 trading pairs of fiat-to-crypto and crypto-to-crypto from day one. 

Impressive execs

The people behind The PIT also show their seriousness in making this a competitor for some of the world’s biggest exchanges. The exchange has been set up by former executives from the New York Stock Exchange, TD Ameritrade, Google and Goldman Sachs.

By having these people at the helm, there is far more legitimacy in The PIT and the offering they have will be more suited and tailored to a broader and more inclusive audience. 

In fact, the exchange is also going to be available in over 200 countries, making it quite global. It is also offering the possibility of trading through global financial banking, ir through non-custodial cryptocurrency services. 

A need for competition

This announcement should be a boost for the cryptocurrency space as even though there are a huge offering of exchange services, not all of them are at a high enough standard. Additionally, not all of the good ones are as global as The PIT is aiming to be.

This level of competition should put pressure on the likes of Binance and Coinbase to once again up their standards, but it should also see a new level of influx of interested parties making their way into the space. 
 

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