Branson-backed cryptocurrency firm launches a super-fast exchange to take on Coinbase

As reported by CNBC, “Blockchain, one of the world’s largest cryptocurrency wallet platforms, says it’s launched a digital currency exchange aimed at delivering ‘lightning-fast’ trades.

“The company’s exchange, called The PIT, is the result of a behind-the-scenes effort led by a team of former executives from the New York Stock Exchange, TD Ameritrade, Google and Goldman Sachs.

“According to Blockchain CEO Peter Smith, the new exchange’s matching engine Mercury can execute buy or sell orders in ’40 to 50 microseconds,’ an ‘order of magnitude faster than other market players’ like Coinbase and Binance.

“Founded in 2011, Blockchain initially started out with what’s known as a block explorer — kind of like an internet browser for cryptocurrency data — and then built digital wallets for users to store and exchange their crypto. It derives its name from the eponymous blockchain network that records bitcoin transactions.

“Having enjoyed popularity with bitcoin enthusiasts — Blockchain claims to account for about 25% of daily activity on the bitcoin network — the company is hoping its exchange platform will help lure in the uninitiated.

“’There’s a huge audience of people who have not yet placed their first bitcoin trade,’ Nicole Sherrod, head of trading products at Blockchain, told CNBC in an interview. Sherrod previously led the active trading product team at online stock broker TD Ameritrade before joining Blockchain.

“Sherrod said the new trading platform would give investors a degree of liquidity not seen in competitor exchanges.

“’In volatile markets in particular, speed is of utmost importance,’ she 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.’”

Continue to read the full story at CNBC.

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