Skip to main content
https://www.highperformancecpmgate.com/rgeesizw1?key=a9d7b2ab045c91688419e8e18a006621

Blockchain (the company) launches an exchange (The Pit)

The company called Blockchain is mostly known for its cryptocurrency wallet. Today, the company is also launching an exchange so that you can buy and sell cryptocurrencies without going through a third-party exchange.

The company’s exchange is called The Pit and is focused on mainstream adoption and ease of use. It is available in 200 countries with support for a handful of cryptocurrencies and fiat currencies.

When it comes to depositing money in your account, The Pit currently supports USD, EUR and GBP via bank transfers. You can then buy and sell a handful of crypto assets — BTC, ETH, BCH, LTC, USDT and PAX.

Behind the scene, Nicole Sherrod has been heading the product for a year. She worked at TD Ameritrade and E*Trade in the past. And the company has opted for dedicated servers instead of a more traditional public cloud infrastructure, such as Amazon Web Services or Microsoft Azure.

The startup is waving trading fees for the first 30 days. After that, in addition to spread, you’ll pay 0.24% in taker fees if you trade less than $100,000 per month, and 0.14% in maker fees. Fees get lower after that threshold, but you should probably consider an OTC desk for large transactions.

That’s 0.01 percentage point lower than Coinbase Pro fees, 0.02 percentage point lower than Kraken fees if you trade less than $50,000 per month and on par with Kraken fees if you trade between $50,000-$100,000. Binance fees are lower, but I don’t think The Pit and Binance address the same market.

Integration with Blockchain wallets will foster adoption compared to other companies starting an exchange from scratch. Blockchain users have created 40 million wallet so far. And those users can connect to The Pit using their Blockchain account. The company has developed a new Blockchain Connect API for this feature.

Disclosure: I own small amounts of various cryptocurrencies.

Comments

Post a Comment

Popular posts from this blog

Uber co-founder Garrett Camp steps back from board director role

Uber co-founder Garrett Camp is relinquishing his role as a board director and switching to board observer — where he says he’ll focus on product strategy for the ride hailing giant. Camp made the announcement in a short Medium post in which he writes of his decade at Uber: “I’ve learned a lot, and realized that I’m most helpful when focused on product strategy & design, and this is where I’d like to focus going forward.” “I will continue to work with Dara [Khosrowshahi, Uber CEO] and the product and technology leadership teams to brainstorm new ideas, iterate on plans and designs, and continue to innovate at scale,” he adds. “We have a strong and diverse team in place, and I’m confident everyone will navigate well during these turbulent times.” The Canadian billionaire entrepreneur signs off by saying he’s looking forward to helping Uber “brainstorm the next big idea”. Camp hasn’t been short of ideas over his career in tech. He’s the co-founder of the web 2.0 recommendatio...
Post a Comment
Read more

Leading VCs discuss how COVID-19 has impacted the world of digital health

In December 2019, Extra Crunch spoke to a group of investors leading the charge in health tech to discuss where they saw the most opportunity in the space leading into 2020 . At the time, respondents highlighted startups in digital therapeutics, telehealth and mental health that were improving medical practitioner efficiency or streamlining the distribution of care, amongst a variety of other digital health markets that were garnering the most attention. Where top VCs are investing in digital health In the months since, the COVID-19 crisis has debilitated national healthcare systems and the global economy. Weaknesses in healthcare systems have become clearer than ever, while startups and capital providers have struggled to operate while wide swaths of the market effectively shut down. Given significant volatility and the rapid changes seen in the worlds of healthcare, venture and startups broadly, we wanted to understand which inefficiencies might have been brought to light, w...
Post a Comment
Read more

News-reading app Flipboard expands local coverage, including coronavirus updates, to 12 more U.S. metros

Earlier this year, personalized news aggregation app Flipboard expanded into local news . The feature brought local news, sports, real estate, weather, transportation news and more to 23 cities across the U.S. Today, Flipboard is bringing local news to 12 more U.S. metros and is adding critical coronavirus local coverage to all of the 35 supported locales. The 12 new metros include the following:  Baltimore, Charlotte, Cleveland, Detroit, Indianapolis, Nashville, Pittsburgh, Orlando, Raleigh, Salt Lake City, St. Louis, and Tampa Bay. They join the 23 cities that were already supported:  Atlanta, Austin, Boston, Chicago, Dallas, Denver, Houston, Las Vegas, Los Angeles, Miami, Minneapolis-St. Paul, New Orleans, New York City, Philadelphia, Phoenix, Portland, Sacramento, San Diego, San Francisco Bay Area, Seattle, Toronto, Vancouver and Washington, D.C. To offer local news in its app, Flipboard works with area partners, big and small, like The Plain Dealer’s Cleveland.com , ...
Post a Comment
Read more