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Wallet Provider Blockchain Launches New Exchange, The PIT

01 Aug 2019

One of the biggest bitcoin wallet companies, Blockchain, is launching a cryptocurrency exchange. The company’s exchange is called The PIT and is designed to encourage mainstream adoption.News portal TechCrunch reported that the exchange will provide service to 200 countries and will support a handful of cryptocurrencies as well as fiat. At the moment, the new exchange supports fiat such as USD, EUR and GBP via bank transfers. On the other hand, the cryptocurrencies, it supports include, BTC, ETH, BCH, LTC, USDT and PAX.The news portal noted that for the first month, the exchange will be waiving off the trading fees for 30 days. Once the month is up, a user will be charged 0.24% in taker fees if one trades less than $100,000 per month, and 0.14% in maker fees. However, the portal recommended that a trader should ideally move to an Over The Counter (OTC) desk for larger transactions.According to the Chief Executive Officer (CEO) of Blockchain, Peter Smith, The PIT can execute orders  in a matter of microseconds, which enables it to compete with major global crypto exchanges, including Binance and Coinbase. Smith elaborated that the new exchange’s matching engine Mercury can process buy or sell orders in “40 to 50 microseconds.”Nicole Sherrod, head of trading products at Blockchain, said, “There’s a huge audience of people who have not yet placed their first bitcoin trade. In volatile markets in particular, speed is of 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 Wallet was last in news, when it had sued a France-based company, going by the same name in September last year. We had reported that the wallet provider was suing a France-based company Paymium over use of the former’s intellectual property, and making “misleading statements in an effort to lure investors to participate in its BLOCKCHAIN.IO-branded initial coin offering (“ICO”) under the false pretense that the ICO is connected to Blockchain.”Liked what you read? Join us on Telegram

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