Blockchain announces institutional crypto trading platform
One of the largest providers of Bitcoin wallets in the world, Blockchain, announces the launch of a new crypto trading platform for individual and institutional traders and investors. The platform will be called PIT and targets mostly institutional investors, who until today face major problems regarding their entrance in the crypto market.
In contrast with the individual investors, the institutional investors look for certain elements in trading platforms which will allow them to manage their funds in optimal ways. The main characteristics are the reliability of the platform, the transactions’ speed and the liquidity that can be provided from it.
Those characteristics are crucial for professional traders and brokerage firms as every microsecond can make the difference in High-Frequency Trading and in automated transactions. PIT, according to Blockchain’s CEO Peter Smith, can process a transaction in under 40 microseconds, a time can be achieved only in the world’s largest stock exchanges.
In order to accomplish this, Blockchain partner with New York’s Stock Exchange, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers and Revolut. The matching engine behind PIT called Mercury was created from NYSE and Google.
The platform will have its legal base in UK while it will allow deposits in Euro, US dollars and British pounds. The first version of the platform will give the opportunity for trading 26 crypto pairs while the main cryptos will be Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Tether and Paxos.