Former bank, tech execs launch The PIT exchange to compete with Coinbase

Blockchain, a cryptocurrency and digital wallet platform backed by Alphabet and billionaire Virgin Chairman Richard Branson, has launched an exchange called The PIT, which claims to operate the world’s fastest matching engine in the crypto industry, according to a new blogpost from the firm.

The exchange includes a team of former executives from the New York Stock Exchange, TD Ameritrade, Google, Revolut and Goldman Sachs. 

The goal of this exchange, according to Blockchain CEO Peter Smith is to compete with other major cryptocurrency exchanges such as Coinbase and Binance. The exchange will be available in more than 200 countries and users will be able to link up their bank accounts with the platform to use U.S. dollars, euros and sterling to purchase and trade cryptocurrencies. 

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