Cryptocurrency marketplace DCEX has partnered with blockchain services company AlphaPoint to launch the world’s first cryptocurrency exchange using XRP as its “exclusive base currency.”
The “next generation crypto-to-crypto marketplace” was announced in a July 30 press release. DCEX users will be able to trade 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 stablecoin TrueUSD (TUSD) against XRP.
The exchange plans to add Neo (NEO), Cardano (ADA), and more pairs “in the coming months.” DCEX will offer access to all ten coins listed in the Bloomberg Galaxy Crypto Index (BGCI) in one location.
The press release states several key advantages of using XRP as the exclusive base currency, including faster execution times and settlements, lower latency, and lower transaction fees between DCEX and other exchanges. “Advanced participants” will also be able to execute high-frequency trading strategies by connecting to APIs.
San Francisco-based DCEX opened registration for its platform on Monday, but “looks to open for trading in the coming weeks,” so clients are not yet able to book trades on the system.
AlphaPoint’s proprietary distributed ledger technology provides a highly-secured venue for DCEX “to launch and operate markets,” acting as the “technology backbone” for DCEX’s exchange, and giving it a processing capacity of “nearly one million transactions per second.”
According to the press release, DCEX is currently registered with FINCEN and “taking initial steps” towards compliance and registration under the United States Securities and Exchange Commission (SEC) and other regulatory agencies.
In June, AlphaPoint announced it had successfully raised $15 million in its first round of venture capital funding, with funds coming primarily from Galaxy Digital, a cryptocurrency merchant bank launched by billionaire investor Mike Novogratz.