DCEX uses Ripple tech, entering the crypto market as a brand new decentralized cryptocurrency marketplace with Ripple (XRP) at its core.
According to a press release published yesterday, the San Francisco-based platform just opened registration for institutional and retail investors.
DCEX Uses Ripple Tech
The new platform was developed by the blockchain firm AlphaPoint and in its beginning stages will offer only 15 different cryptocurrency to cryptocurrency trading pairs, all against XRP—the base trading crypto on DCEX.
The 15 cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), EOS, IOTA (MIOTA), and ZCash (ZEC). In addition to the 15 already supported on DCEX, the company plans to add Cardano (ADA) and NEO in the near future as well.
Some more exciting news is that DCEX will make all of these assets included in the Bloomberg Glaxay Crypto Index. This index tracks the most ‘liquid’ cryptocurrencies and presents itself as an institutional benchmark for the cryptocurrency market.
Since DCEX was built on Ripple technology, it only makes sense that XRP would be its base currency. According to the press release, DCEX believes that using XRP as its base allows for high-speed transfers that will help users on the platform take advantage of price inefficiencies.
The marketplace claims that it can currently facilitate up to one million transactions per second. DCEX is registered with FINCEN but has yet to take its initial steps to becoming fully US Securities and Exchange Commission (SEC) compliant. It remains unknown how this will affect its launch and if the marketplace could get shut down due to lack of regulatory due diligence.
Decentralized cryptocurrency exchanges are gaining traction in the cryptocurrency space, and DCEX must move quickly to become a top-dog in the space.
Ripple (XRP) Price Movement
According to CoinMarketCap, XRP is still the third largest cryptocurrency by market cap, which is sitting just above $17 billion. At press time, Ripple (XRP) is trading at $0.438 a coin, down -1.03% in 24 hours.
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