The fastest cryptocurrency exchange in the world has been launched. The Pit promises deep liquidity, intuitive interface, and around the clock availability.
Blockchain.com has announced The Pit – their very own, brand new cryptocurrency exchange, competing with Binance, Coinbase, and Kraken. The crypto trading project has raised $70 million by Richard Branson, Alphabet, and Lakestar, among the investors.
Blockchain.com, a company whose cryptocurrency wallet has found its way to the various crypto traders’ “pockets”, has launched its own crypto exchange, promising it will be a real game-changer.
The exchange called “The Pit” is claimed to be “the world’s fastest crypto exchange”, providing a lightning fast order execution measured in microseconds instead of milliseconds.
The Pit, whose beta version is now available for opening trading accounts, offers 10 times faster trading experience than the current industry standard, as announced on its website. The matching engine of Blockchain.com’s proprietary crypto trading exchange called Mercury, was designed by the New York Stock Exchange (NYSE) former Chief Architect and can process millions of trades per second.
The all-star team behind the project consists of veterans from NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut, as stated in Blockchain.com’s blog.
The announcement comes with a short advertising video, featuring the Star Trek series star William Shatner.
The cryptocurrency trading exchange also promises 30 days of fee-free trading to each and every trader who opens and verifies their crypto trading account.
— blockchainPIT (@BlockchainPit) July 30, 2019
Except for being the fastest crypto exchange ever known, The Pit also claims to be introducing a whole new level of unprecedentedly deep liquidity, thanks to partnering with many market maker liquidity providers, ensuring ultra-fast and seamless quoting flow in real-time. As cryptocurrencies are known for its huge volatility, ensuring liquidity is crucial for guaranteed order execution without slippage.
The Pit will enable the crypto traders to invest in 26 pairs very soon, first of which comes in just a few days – BTC/USD. The exchange will support trading the fiat currencies USD, EUR, and GBP against cryptocurrencies, such as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Litecoin (LTC), Tether (USDT), and the Paxos Standard (PAX) stablecoin.
It will also provide trading cryptocurrency pairs, starting off with BTC, ETH, USDT, and PAX pairs. The trading accounts may be opened in 20 different currencies.
Blockchain.com’s brand new cryptocurrency exchange will be very intuitive, easy and convenient to use. Its agile and slick charting engine, provided by TradingView, will be equipped with a wide range of chart options, including anything from the well-known Japanese Candlesticks to high-end hedge fund charting solutions. A wide range of drawing options will enable the traders to perform in-depth technical analysis.
Top level security will be ensured thanks to incorporating the latest cutting-edge security standards, as well as a two-factor authentication feature available to the clients.
It will be available in over 240 countries and areas, broken down to 3 functionality levels, depending on the account verification depth – silver, gold, and diamond. The diamond account unleashes The Pit’s full potential, however, requires the full stack of documentation and verification procedures. It provides unlimited crypto and fiat deposits, unlimited crypto trading, as well as weekly crypto or fiat withdrawals up to $5,000,000.
The Pit promises 24/7 customer support, including a thorough FAQ in its Support Center.
Is the team going to deliver what’s promised, as the bar has been raised extremely high? Will The Pit eat market share from the crypto exchange titans and gain momentum? The challenge is huge, however, if done right, Blockchain.com’s project will set an entirely new standard in the crypto trading space.