Cryptocurrency News

The PIT, Main Competitor to Coinbase, Has Emerged

What is it that makes cryptocurrency so intriguing? It’s designed to assist those who can’t always help themselves. It delivers quickly – sometimes in just a matter of minutes – to ensure people who need money get it fast and can use it for whatever goods and services their family requires. At press time, Coinbase is the largest crypto exchange in the U.S., but it seems some competition is now coming out of the woodworks.

Is Coinbase About to Become Second Best?

A company known simply as Blockchain – which has been around since 2011 – is launching a new exchanged it’s calling the PIT. The aim of the PIT is to deliver “lightning-fast” trades for cryptocurrency buyers, traders and sellers. The company is led by a former group of New York Stock Exchange (NYSE) leaders and managers from Google, Goldman Sachs and TD Ameritrade.

Bitcoin is arguably the biggest cryptocurrency out there, but its technology leaves a lot to be desired. It’s one of the first cryptocurrencies to ever come to fruition, which also means it’s one of the oldest and probably one of the least advanced by comparison. Many transactions for bitcoin can take anywhere between several hours to a few days to complete.

Compare this with the transaction times of competing currencies like Ethereum and EOS, which boast trade times of only a few minutes each. While these coins don’t necessarily have the size and strength that bitcoin does, they certainly hold their own when it comes to the speeds of their transactions.

The PIT is looking to make it so that all cryptocurrencies can be traded equally fast. In addition, executives claim that transactions can occur in as little as 40-50 microseconds, which they say is much faster than both Coinbase and Binance.

Nicole Sherrod, head of trading products at the company, explained in an interview that despite crypto’s popularity, there are still several people in the U.S. and abroad that have never taken part in a digital currency transaction. She says that Blockchain is looking to change that and get more people involved by giving them a degree of liquidity in their trades they could never achieve with other exchanges.

 Speed Is the Most Important Thing

She states:

 There’s a huge audience of people who have not yet placed their first bitcoin trade… In volatile markets, speed is of the utmost importance. 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.

Blockchain is looking to provide its transaction services to citizens of more than 200 countries. It’s also looking into offering 26 different trading pairs, in which users can trade assets like euros, U.S. dollar units and sterling silver for various forms of crypto.

Tags: blockchain, coinbase, crypto transactions, PIT

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