Former Wall Street Execs Unveil ‘The PIT’ Exchange to Take on Binance

Major crypto wallet and blockchain data provider Blockchain.com has launched its own crypto exchange to compete with popular platforms such as Binance.

The PIT was built by former execs from Google and Goldman Sachs

Named The PIT, the new crypto exchange was reportedly set up by former executives from the New York Stock Exchange, TD Ameritrade, Google and Goldman Sachs, CNBC reports July 30.

According to the announcement, The PIT will be available in more than 200 countries, initially supporting 26 trading pairs. Customers will be reportedly able to link their bank account with an account at Blockchain.com and trade crypto against three major fiat currencies, including United States dollar (USD), the euro (EUR) and British sterling (GBP).

Speed is of “utmost importance”

Peter Smith, CEO of Blockchain.com, says that The PIT can execute orders in a matter of microseconds, which enables it to compete with major global crypto exchanges, including Binance and Coinbase. Smith elaborated that the new exchange’s matching engine Mercury can process buy or sell orders in “40 to 50 microseconds.”

Nicole Sherrod, head of trading products at Blockchain.com, pointed out that The PIT’s operational speed would be the most important feature for the platform’s success, stating that speed is of “utmost importance” in volatile markets. 

Sherrod, a former head of trading product team at TD Ameritrade, noted that there is a still a big audience of people who have not yet placed their first trade in Bitcoin. He said:

“I would not feel comfortable delivering a platform to retail investors that puts them in a position where they couldn’t get in and out of a trade with lightning-fast speed.”

Additionally, Sherrod argued that the new crypto exchange will enable a new level of liquidity, which is not seen in competitor exchanges.

Formerly known as Blockchain.info, Blockchain.com was founded in 2011 to initially serve as a block explorer or data supplier for Bitcoin transactions. To date, the firm has been one of the most popular crypto wallets with over 40 million registered wallets. The company raised a total of $70 million from investors including British billionaire Richard Branson, Alphabet venture arm GV and early Spotify backer, Lakestar.