Blockchain.com, a crypto currency wallet provider, which has created over 40 million wallets, supporting bitcoin, Bitcoin Cash, and Ethereum is about to open a London based crypto exchange, where initially customers will be able to trade with Bitcoin, Ethereum, Bitcoin Cash, Tether, Litecoin and Paxos.
Customers can already deposit their funds at ‘The Pit’, as the new exchange is called, and trading is expected to begin soon.
Blockchain.com CEO Peter Smith, quoted by Bloomberg notes that The Pit will execute orders in under 50 microseconds, compared to 200 to 500 milliseconds at most crypto exchanges.
Blockchain.com will encourage customers to keep their digital assets in their wallets rather than on the exchange, Smith also is quoted to say.
The crypto currency market is estimated to have reached nearly 250 billion USD, despite the recent hacker attacks that a number exchanges have suffered. The biggest crypto theft still remains the hack of Mt. Gox back in 2014, when hackers managed to steal some 850 000 bitcoins.
In an interview for Bloomberg Smith did not reveal the names of the banks Blockchain.com will partner with, saying only that these banks will allow traders to make deposits in US dollars, GB pounds and euros on the exchange.
According Blockchain.com 25% of all bitcoin transactions worldwide are initiated from single wallet, which the company has created.
‘The Pit’ servers will be stationed in the Equinix LD4 facility in London, which will allow easier access to the markets.
