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'Fastest Crypto Exchange In The World' Released To Retail Market

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'Fastest Crypto Exchange In The World' Released To Retail Market

The crypto wallet Blockchain announced Tuesday that it has launched The PIT, an institutional-grade crypto exchange with microsecond-latency.

“The current crypto exchange market is outdated, broken, and skewed against users. We got tired of waiting for a new entrant to deliver the performance today’s traders demand,” Peter Smith, Blockchain's CEO and co-founder, said in a statement. 

The platform is intended to enable liquidity and fast execution in an emerging field that is gaining interest from institutions and retail traders alike.

"Over the last year, a stealth team inside the company composed of veterans from NYSE, TD Ameritrade Holding Corp (NASDAQ: AMTD), Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG), Goldman Sachs Group Inc (NYSE: GS), UBS Group AG (NYSE: UBS), Interactive Brokers and Revolut, built The PIT to be lighting fast, fair, and reliable," according to Blockchain. 

Most cryptocurrency exchanges run alongside "slow, consumer" cloud applications, Tom Haller, who previously worked as the chief software architect of trading systems at the NYSE, said in a statement. 

"The PIT leverages best practices from Wall Street to facilitate rapid, efficient, and high-quality trade execution at HFT speeds.”

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Photo courtesy of Blockchain. 

Posted-In: Blockchain IB Interactive Brokers NYSECryptocurrency Fintech News Markets Best of Benzinga

 

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