(Reuters) – the Blockchain, which is one of the world’s largest digital currency in the portfolio of companies, announced on Tuesday the launch of a cryptocurrency exchange called The PIT, which is focused on the execution of the transaction, in microseconds, for both private and institutional investors.
After extensive research and development over the course of a year, Blockchain said in “the Mercury.” match engine, speed and a quantum is faster than all other crypto exchanges.
As a team-a team within the company consists of veterans of the New York Stock Exchange, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and the Revolut built-in The WELL for the purposes of the carrying out of transactions at high speed, Blockchain said in a statement.
“What’s going on in these exchanges, when there is a volatility spike, the corresponding motors get overwhelmed and they just shut down, and people can’t even trade,” Nicole Sherrod, head of trade products at Blockhain, told Reuters in a telephone interview.
“Our customers will be able to do a trade in microseconds, in a category where the other networks are doing, they are in a millisecond,” she added.
Crytocurrencies are back in the spotlight, in the middle of a steep price rally, and the high volatility of this year, led by the bitcoin, which is a rise of nearly 160% so far in 2019. After hitting a 18-month high just shy of $14,000 in the end of June, bitcoin has fallen by almost 30%, and last traded at $9,528.
On Tuesday, the U.s. said clients will be able to open accounts in The PIT with the flow, in the first instance, with the launch of the trading of the bitcoin/US dollar pair on Aug. 6.
The scholarship is made available to users in more than 200 countries around the world, and it will start with the 26 trading pairs, and a global banking network to make deposits to, withdrawals from, and the fiat-to-crypto trading in the US dollar, the euro and the british pound sterling. The initial assets of the bitcoin, ether, litecoin, chain, and PEOPLE tokens.
Tom Haller, former chief software architect for trading systems at the stock exchange in New York, which led to the development of the exchange’s matching system, Blockchain said.
“The crypto-exchange market, it is out of date, broken and crooked against the user. We are tired of having to wait for a new participant to deliver the performance of today’s traders are in demand,” said Peter Smith, Blockchain co-founder and chief executive officer, in a statement.
Launched In 2011 as a cryptocurrency wallet and in the head office in London, Blockchain, has raised $70 million from investors, including Google Ventures, Lightspeed Venture ners, Virgin, Lakestar, and the Digital-Currency of the Group.
Reporting by Gertrude Chavez-Dreyfuss; editing by Diane Craft