Why we built the crypto exchange of our dreams.
July 30th, 2019
We are crypto users first. That mindset has been at the heart of every product we’ve launched since we started building in 2011 for the crypto community.
We built the first block explorer to visualize data and the first API to make it easy to build applications in the crypto space. We brought noncustodial wallets to the masses with the Blockchain Wallet – where you always have your own private key and truly own your crypto. We launched Swap: an in-Wallet retail brokerage, and launched the largest airdrop yet to get more people into crypto.
But we remain frustrated with a large part of the market: exchanges. I’ve personally been using exchanges since 2011 and haven’t seen much improvement. They are unreliable, illiquid, and often unfair. 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.
As a company we’ve watched millions of our users transfer their crypto from Blockchain wallets to external exchanges only to endure nightmarish experiences – support tickets ignored, funds that can’t be withdrawn, trades missed at critical moments, and accounts hacked.
So a year and a half ago we decided: enough.
We set out to build something better, a product that would not only clear up these common headaches, but one that we would be excited to use. An exchange that would redefine speed, reliability, and liquidity for each and every crypto believer around the world. Fast. Simple. Reliable.
We assembled a stealth team and laid out our ambitions. Then we got to work. Today, nearly 100 talented people are working to launch The PIT, hailing from top firms like NYSE, TD Ameritrade, Google, Goldman Sachs, UBS, Interactive Brokers, and Revolut.
We’ve now created the world’s fastest crypto exchange, clocking in at 40 microseconds per trade, capable of executing millions of orders per second. Connect your Blockchain Wallet directly and The PIT allows instant trading access and rapid transfer back to your secure storage.
This week, we’re launching version one, but the best is yet to come – over the next weeks and months we’ll continue to ship the exchange we’ve dreamed of using.
As always, we remain dedicated to building the functionality you want, without compromising your control of your key. Get in, Cash out. Your crypto is yours, and it should stay that way.