DCEX, a registered cryptocurrency marketplace for retail and institutional investors, announced that it will be using XRP as the exclusive base currency for trading. This means that all cryptocurrencies on the exchange will be traded against XRP, for a total of 15 coin pairs.
The pairs with XRP offered are 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], stablecoin TrueUSD [TUSD], with plans to add Neo [NEO] and Cardano [ADA]. The exchange has also promised more pairs in the coming months.
Keeping in line with their vision of providing a product for institutional investors in the space, all ten coins listed for the Bloomberg Galaxy Crypto Index [BGCI]. The exchange is slated to open in the coming weeks, with registrations for new users already open. DCEX will also allow for features such as arbitrage trading across exchanges due to XRP being listed as the base pair. Their statement says:
“XRP as a base currency allows for seamless, high-speed transfers between exchanges to take advantage of price inefficiencies.”
This also allows for faster execution times with a very low latency, which is what the DCEX platform is designed for. It reportedly allows for a transaction volume of one million transactions per second. They furthermore praised XRP, stating:
“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.”
This, in turn, enables users to engage in what DCEX is calling “high-frequency crypto trading”. This lets users connect to APIs to execute cryptocurrency trading strategies that would require a high speed to successfully occur.
The addition of XRP serves another purpose, which DCEX states will effect an increase of overall liquidity in the market. The press release states:
“Availability of novel currency pairs allows for new conversion pathways for market participants and gives traders easy ways to access many of the top cryptocurrencies.”
Moreover, the exchange states that it’s lower transaction fees will enable market participants to move XRP between DCEX and other exchanges for a low cost. It also offers margin trading to allow for leveraging.
Notably, the exchange is currently registered with the Financial Crime Enforcement Network [FINCEN]. It has also reportedly taken initial steps to become “registered, fully regulated, and compliant” in line with the United States Securities and Exchange Commission [SEC].
Elias Yami, a cryptocurrency analyst, stated:
“The move of an exchange that is on the cusp of institutional adoption is interesting to say the least. While the preliminary steps of ensuring that the exchange is compliant with regulation have been taken, it will be interesting to see how XRP will function in this scenario. Moreover, statements of “increasing liquidity” seem to point towards the support for xRapid to be integrated in the exchange. This seems like a natural fit for an exchange based on XRP.”
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