The Blockchain wallet service and blockchain explorer has revealed that it will be rolling out its own cryptocurrency exchange platform.
The new exchange will be titled The PIT, and its development has been kept hidden for the past year. The PIT was created to complement the wallet services of Blockchain, which has a global user base of 40 million that are able to store, send, and receive several crypto coins and tokens.
Blockchain posted on its official blog that the blockchain platforms of today face many issues, including untrustworthiness, illiquidity, and unfair practices:
“They encourage users to keep their crypto deposited, rather than safely secured in their own private keys. On top of all this they are overly complex: getting the full feature set often requires accounts at multiple venues – one with plenty of asset selection, one with decent fiat support, and perhaps one with leverage.”
According to the announcement, The PIT was developed to be an exchange that has improved order execution, speed, liquidity, and…