How Blockchain.com Plans to Win in the $248 Billion Crypto Market

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How Blockchain.com Plans to Win in the $248 Billion Crypto Market

Blockchain.com, a London-based marketplace that has established over 40 million digital-asset wallets, is entering the cryptocurrency trading arena with plans to build a new exchange. With this new plan, the corporation hopes to get a larger share of the $248 billion cryptocurrency industry, which has a shameful history of breaches, thefts, fraud, and mismanagement going back to 2014, according to Bloomberg.

High Speed Crypto Exchange

Blockchain.com, which will operate The Pit exchange in London, claims to process orders in less than 50 microseconds, compared to 200 to 500 milliseconds at other crypto exchanges, and will support Bitcoin, Ether, Bitcoin Cash, Tether, Litecoin, and Paxos. Customers will apparently be able to trade and deposit monies shortly. In the future, the business apparently intends to rapidly add more tokens, pairings, and items to its exchange.

According to Blockchain.com, one in every four Bitcoin transactions begins with one of its wallets. Users may retain digital currency in a wallet rather than on an exchange, according to the business. CEO Peter Smith describes the new exchange as “an investment in the future of the cryptocurrency business.”

Smith said that the exchange was inspired by the cryptocurrency market’s surge and eventual fall in 2017 and 2018. “What should we do differently the next time?” “At that point, you start reinvesting,” Smith said. “We wanted to construct a Wall Street or a Chicago-level matching engine,” he said of the technology that connects buyers and sellers, according to Bloomberg.

The Pit will be launched with the assistance of a diverse collection of market makers.

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“This product was created by an experienced team with shown expertise maintaining one of the biggest crypto trading userbases.” More exchanges that strive for institutional-grade design, lower latency, and more solid liquidity are needed in the crypto industry. In the news announcement, Cristian Gil, co-founder of global market maker GSR, stated, “We look forward to playing our role in building The PIT into one of the major trading venues.”

Smith’s “PIT Crew” is a new group of workers at Blockchain.com that comprises former financial and technology sector professionals from organizations such as the NYSE, TD Ameritrade, E*Trade, Alphabet, Goldman Sachs, UBS, Interactive Brokers, and Revolut.

Smith did not provide any information on the banks who are collaborating with Blockchain.com, but he did state that only lenders would enable users to deposit US dollars, euros, and British pounds on the exchange. The Blockchain Connect functionality lets wallet owners to move payments directly to and from their Pit account. A legal name, confirmed email, date of birth, and address are required for a Silver Tier KYC account on The Pit. The Gold Tier KYX, which gives a bigger trading amount and more functionality on the wallet and exchange, also demands a picture of a government issued ID as well as a photo of the applicant.

The Pit’s servers will be housed at London’s Equinix LD4 facility, one of the world’s quickest and most dependable low-latency data centers. The trading platform will be accessible in over 240 markets globally, including many states in the United States.

Looking Ahead

The intention by Blockchain.com to build a high-speed crypto exchange for ordinary traders comes as the crypto market confronts cries for greater regulation, large price volatility, and accusations of manipulation.

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However, Smith thinks that The Pit will provide crypto dealers with a more dependable platform. “The present cryptocurrency exchange industry is obsolete, dysfunctional, and tilted against consumers.” We were sick of waiting for a fresh entry to produce the results that today’s traders want.”

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