Bitcoin's Largest Wallet Blockchain Just Launched Its First Crypto Exchange

Bitcoin wallet and blockchain explorer provider Blockchain just launched its first exchange platform.

Blockchain's head of retail products, TD Ameritrade alum Nicole Sherrod, told CoinDesk the custodial exchange, called the PIT, can connect to non-custodial Blockchain wallets for nearly instant transfers.

Tom Haller, previously the chief software architect for trading systems at the New York Stock Exchange, contributed to the development of PIT's matching engine.

Sherrod added the exchange will measure speed in "Microseconds," like traditional asset exchanges.

It remains to be seen how PIT will compete with mainstream exchanges like Binance and Coinbase, which also offer a plethora of crypto assets.

Coinbase was also a wallet provider and brokerage, before it became Silicon Valley's iconic unicorn exchange.

"We're looking to compete on the overall client experience," Sherrod said, adding that a new customer support team has become the second-largest division of the company as part of a broader shift to exchange services.

Mainstream exchanges are generally slow to respond to retail users when market activity spikes, so Sherrod argued that beyond speed this is another area where PIT could rival incumbents.

Only time will tell if the new revenue flows Blockchain users generate through transaction fees will justify this expansion into the heavily saturated exchange space, with fierce competition for market makers and heavily regulatory costs.

In the meantime, the exchange won't operate in any jurisdiction that requires a license, a spokesperson added.