Blockchain, the company that is backed by British Billionaire Richard Branson, Alphabet Venture arm GV and Lakestar has unveiled a digital currency exchange that is capable of delivering “lightning-fast” trades.
Peter Smith, CEO Blockchain
Already reputed as one of the world’s largest cryptocurrency wallet platforms, the new exchange platform will outrival its competitors like Binace and Coinbase, making it the new market leader. The exchange’s engine Mercury can execute buy or sell orders in 38 to 50 microseconds, a speed that is much faster that anything on the market.
The company’s exchange, called The PIT, is the result of a discreet collaboration by a team of former executives from the New York Stock Exchange, Google, Gold Sach and Ameritrade.
Blockchain which recently raised another US$70 million in fundings and has more than 40 million users worldwide, initially started in 2011 as a block explorer (an internet browser for cryptocurrency data) and subsequently built digital wallets for users to store and exchange their crypto. It derives its company name from the blockchain network that records bitcoin transactions. The company is lead by a cryptocurrency innovator and specialists, Peter Smith.
The company which already currently controls 25 percent of daily activity on the global bitcoin network hopes to increase its market share as to control 60% of the global market.
In volatile markets in particular, speed is of utmost importance, and the new platform would be a boost as retail investors feel comfortable in a platform where they can get in and out of a trade with lighting fast speed.
The cryptocurrency trend is gaining rise with facebook plans to launch libra and coupled many governments like Singapore, India etc gradually embracing the trend. The new trading platform would also help in the trend as it would give investors a degree of liquidity never seen in any competitor exchanges. Even bigger institutional investors like Fidelity are showing signs of coming onboard.
Blockchain said its exchange will be available in more than 200 countries worldwide, starting with 26 trading pairs. Users will be able to link their bank account with Blockchain and use a variety of currencies including U.S. dollars, euros, sterling and Indian rupees to trade in cryptocurrencies. In Asia, talks are underway with a group that is headed by a Singaporean Indian investor that will form a partnership alliance with Blockchain according to Thailand Startup News.