World’s First XRP-Based Cryptocurrency Exchange Launches with Support from AlphaPoint
AlphaPoint, a cryptocurrency firm, officially announced the launch of DCEX on July 30, 2018. DCEX is a decentralized exchange platform aimed at retail and institutional investors and runs solely on blockchain technology provided by AlphaPoint.
Based out of San-Francisco, DCEX utilizes XRP as its “base currency.” This implies that all the listed cryptocurrencies being traded on the exchange are denominated in XRP, which is also the third largest cryptocurrency based on market capitalization, only trailing BitCoin and Ethereum at first and second positions respectively.
AlphaPoint CEO Salil Donde announced on the company’s official blog that DCEX has officially opened registration for its platform. However, actual trading by clients will still take a few weeks to commence.
Multiple Pairs of Crypto Tokens to be Listed
According to the blog post, the new blockchain-based P2P exchange will allow its clients to trade in a total of 15 pairs of crypto tokens, which include XRP, Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Ethereum classic (ETC), OmiseGo (OMG), EOS (EOS), DASH (DASH), Tron (TRX), Monero (XMR), VeChain (VEN), IOTA (IOTA), ZCash (ZEC), and stable-coin TrueUSD.
Plans to add Neo (NEO), Cardano (ADA) and more cryptocurrencies in the coming months are also in the pipeline. It is also worth mentioning that DCEX will provide clients access to all the 10 cryptocurrencies listed in the Bloomberg Galaxy Crypto Exchange.
Incorporating New Age Innovative Features
Some of the features highlighted in the blog post include the possibility for arbitrageurs to take advantage of price inefficiencies as the base currency on the exchanges will be XRP. This provides a slim window for people to gain from arbitrage.
The exchange will also feature fast and efficient transfer of cryptocurrencies between exchanges, thus lowering the latency. The blockchain network is designed to facilitate up to 1 million transactions per second.
As there are 15 pairs of cryptocurrencies listed currently, with plans to add more in the near future, the exchange will allow greater liquidity to all the crypto tokens. Additionally, there will be minimal transaction fees involved while moving XRP from DCEX to other marketplaces, and vice versa.
The endeavor aims to revolutionize the cryptosphere, while also implementing the ethical and safety practices in the finance industry.
Salil Donde concluded:
“We, as founders, have been in the crypto space since its inception that went unnoticed by many. Interest in blockchain is slowly becoming global, escaping the narrow indoor spaces of technically inclined groups of enthusiasts. At DCEX we firmly believe that a true industry leader must be unrivalled in every element of the service it offers. We offer the excitement of trading, and provide you with the means to navigate the uncharted waters of cryptocurrency trading.”