Blockchain announced today that is has launched a new cryptocurrency exchange, The PIT, Reuters reports. According to the company, the new exchange relies on a matching engine called “Mercury” to provide trading at speeds faster than other exchanges in the industry today.
The PIT was developed by a “stealth team” at Blockchain and is the culmination of a year of intense R&D from a team made up of veterans from Google, the NYSE, Goldman Sachs, TD Ameritrade, and other well-known firms. Blockchain trading products head Nicole Sherrod described the problem The PIT was designed to address:
“What happens at these exchanges when there’s a volatility spike, the matching engines get overwhelmed and they just shut down and people can’t even trade.
Our clients can do trades in microseconds in a category where other exchanges are doing them in milliseconds.”
The PIT is expected to start with 26 crypto trading pairs and will provide trading services to customers in more than 200 nations. Sherrod reportedly said that the initial launch of the bitcoin/USD pair will take place on August 6.