San Francisco-based marketplace DCEX will become the first
cryptocurrency exchange to use XRP as its ‘base currency’, available for
both retail and institutional investors.
DCEX will function as a crypto-to-crypto marketplace wherein all
digital currencies will be trading against Ripple’s token XRP as the
platform’s “base currency”, the exchange operator said in an announcement.
The exchange and trading platform will be powered by industry
services firm AlphaPoint, DCEX added. While registrations are currently
open for users, the exchange will commence trading at an undetermined
time over the coming weeks.
“XRP blockchain transactions typically settle in under four seconds,
allowing for faster multi-exchange strategies and providing a speed
advantage over other money movement options,” read an excerpt from the
announcement, explaining the operator’s marked choice to use XRP as the
exchange’s base currency.
Further, AlphaPoint CEO Salil Donde claimed investors will see low
network transaction costs when moving XRP between DCEX and other
marketplaces.
The exchange will include a total of 15 trading pairs with support
for coins such as Bitcoin, Ethereum, Litecoin among others including
privacy-centric coins like Monero and Dash alongside stable-coin
TrueUSD. The operator also revealed plans to add Neo and Cardano (ADA)
in the coming months while adding it will offer access to all ten
cryptocurrencies listed in the Bloomberg Galaxy Crypto Index (BGCI).
The entire exchange will be powered by AlphaPoint’s proprietary
distributed ledger, which DCEX says is “secure, scalable and
customizable” for operations with a processing capacity of “nearly one
million transactions per second.”
New York-based AlphaPoint received $1.35 million in funding as early as 2014, CCN reported at the time, boasting its ability to handle a million trades per second
while offering its services to crypto exchange platforms. Last month,
the company raised another $15 million in a successful round of funding led by Galaxy Digital, the crypto
merchant bank owned by Wall Street-mogul turned crypto bull Mike
Novogratz.
