How Blockchain.com Plans to Win in the $248 Billion Crypto Market
London-based marketplace Blockchain.com, which has created more than 40 million digital-asset wallets, is moving into the cryptocurrency trading space with plans to open a new exchange. With this new strategy, the company is hoping to grab it a bigger piece of the $248 billion cryptocurrency market, known for its scandalous record of hacks, thefts, fraud and mismanagement dating back to 2014, as outlined by Bloomberg.
Blockchain.com, which will operating its exchange called The Pit in London, plans to execute orders in under 50 microseconds, compared with 200 to 500 milliseconds at most crypto exchanges, and will offer Bitcoin, Ether, Bitcoin Cash, Tether, Litecoin and Paxos. Customers will reportedly be able to trade soon and can deposit funds immediately. Looking ahead, the company reportedly plans to quickly add additional tokens, pairs and products to its exchange.
According to Blockchain.com, about 1 in 4 of all Bitcoin transactions originate with one of its wallets. The company allows users to keep digital coins in a wallet, as opposed to on an exchange. The company is run by CEO Peter Smith, who says that the new exchange is “an investment in the future of the crypto market.”
Smith indicated that the idea for the exchange came out of the cryptocurrency market’s rally and subsequent crash in 2017 and 2018. «What do we need to do differently next time? That’s when you start reinvesting,” Smith said. “We wanted to build a Wall Street or a Chicago-level matching engine,” he added, speaking to the technology that pairs buyers and sellers, per Bloomberg.
The Pit will launch with the help of a broad group of market makers.
“This project has been developed by an accomplished team with demonstrated experience in
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