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New Exchange Backed by Richard Branson Launched
Will It Manage to Compete with Binance & Coinbase?
Blockchain.com, one of the largest crypto wallet providers has announced that it is launching a new exchange. Blockchain.com was backed by Virgin group founder and Billionaire Richard Branson amongst others.
The exchange that launched is called: "The Pit" and it is currently in a live Beta stage. It boasts that it will offer some of the fastest matching of buyers and sellers online. Trades will be measured in microseconds, not milliseconds. In addition to that, The Pit offers 26 trading pairs and is integrated with blockchain.com's wallet app. It will launch in 200 countries across the globe.
"The current crypto exchange market is outdated, broken, and skewed against users. We got tired of waiting for a new entrant to deliver the performance today's traders demand," says Peter Smith, Co-founder and CEO of Blockchain. "We decided to take matters into our own hands, and built an exchange that puts users first, including the 40M wallets on our platform."
Can It Beat Binance and Coinbase?
Blockchain.com has 40 M wallets. Seeing that it has a very large userbase, it could leverage that to get a large trading volume. In a similar manner to Binance's Trust Wallet, Blockchain.com's wallet might integrate their exchange in one way or another. This could give The Pit a chance to compete with some of the larger, more established exchanges.
Many exchanges face issues with regulators. This caused Binance to roll-out a U.S. only version of their exchange. Bitmex and its CEO Arthur Hayes are also facing an investigation from the CFTC. It will be interesting to see how The Pit will handle growing cryptocurrency regulations in the U.S. and beyond. It might make or break The Pit.