DCEX, the very first crypto exchange to use Ripple's XRP as its base currency, has just opened registrations for its platform. The exchange plans to open trading in the coming weeks, according to a statement on Monday.
The exchange will offer 15 virtual currencies for trading with XRP as the base pair. The coins include Bitcoin [BTC], Litecoin [LTC], Ethereum [ETH], Bitcoin Cash [BCH], EOS [EOS] and TRON [TRX] among others.
Today we’re very excited to announce the launch of @dcexofficial, powered by @AlphaPointLive. DCEX is the first-ever digital currency exchange to utilize $XRP as its exclusive base currency.
Read more here on our blog: https://t.co/YGnzPcvxrR #fintech #XRPCommunity #blockchain pic.twitter.com/HRKcoPjkSH
— AlphaPoint (@AlphaPointLive) July 30, 2018
The exchange plans to add more trading pairs in the coming days. USD/XRP trading may be supported for institutional clients, according to the official DCEX website.
Created by fintech firm AlphaPoint, DCEX is currently registered with the U.S. Financial Crimes Enforcement Network (FinCEN) and is in the process of getting registered with the U.S. Securities and Exchange Commission (SEC).
Why use XRP as base currency?
According to AlphaPoint, the fact that transactions on the XRP blockchain settle in under four seconds allows users to conduct quick transfers between exchanges. “XRP as a base currency allows for seamless, high-speed transfers between exchanges to take advantage of price inefficiencies,” the company said in a statement.
Moreover, this speed goes hand-in-hand with DCEX network’s feature of facilitating up to 1 million transactions per second. Additionally, XRP blockchain allows withdrawals at lower costs. Because of this feature, users can quickly move the coin between DCEX and other exchanges at low transaction costs.
XRP - good days ahead?
The digital asset has faced many issues in recent days, starting from Coinbase excluding the coin from its potential listings to the ongoing controversy over whether the crypto is a security or not.
But the DCEX development, along with other recent news, could spell hope for the token. TransferGo - a money transferring app which is also a member of RippleNet - recently introduced a new feature that will enable users to perform transactions of up to five cryptocurrencies, including XRP.
The Ripple community had another reason to celebrate. Recently, a poll by cryptocurrency rating agency Weiss Ratings showed that Ripple’s coin was ahead of other digital assets. The poll was conducted on Twitter to determine which coin was the best to move funds between exchanges.
XRP is currently the third most valuable cryptocurrency, with a market capitalization of $17.49 billion. For now, investors haven't reacted to the DCEX development.
At the time of writing, the coin had slipped 1.6 percent against the U.S. dollar to trade at $0.44, tracking a broader bearish market.
The cryptocurrency market seems to be correcting after Bitcoin's [BTC] recent gaining streak, with most major coins trading in the red on Monday.
Image via Shutterstock
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