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