Blockchain.com, a leading blockchain wallet and data provider, has decided to rebrand its cryptocurrency exchange. Less than 6 months after launching The PIT, a London-based exchange which promised “a Wall Street or a Chicago-level matching engine” and under 50 microsecond execution time (as compared to the 200-500 milliseconds on competing exchanges) trading volumes on the innovative service are far from the industry leaders such as Binance and Kraken.
Led by Nicole Sherrod, former Managing Director at Ameritrade, and with former Google, NYSE and Goldman Sachs executives working behind the scenes, it is not surprising that the current market standing of the product is not seen as satisfactory.
As a first step to gaining more traction, a rebranding decision has been made, and the exchange will now be known simply as “Blockchain Exchange”.
A demographics research initiative by eToro previously revealed that 81.96% of crypto traders are at the novice level. With this in mind It makes sense that a name inspired by the trading floor realities of the 80s and 90s will not be well understood or accepted by the younger crypto community. And given the premium domain name that the company has at its disposal, it is difficult to understand why it was not utilised from the get go. In its official announcement of the rebranding, the company admits:
“We learned that by creating a new brand, The PIT, it wasn’t clear that we (crypto pioneers) were behind a product that we couldn’t be prouder of.”
The new “Blockchain Exchange” branding will not only attract more traffic for its name alone, it will also make the service more marketable to the users of upwards of 44 million wallets who have already put their trust in the website’s non-custodial offering.
Apart from the rebranding effort, the new version of the service also comes with easier account setup, support for pounds in addition to the previously supported dollars and euros, a promise of access to better prices than those found on other leading exchanges and the addition of Algorand and DGLD.