DCEX, an American crypto-currency exchange based in San-Francisco will be the pioneer crypto exchange to use the crypto token, XRP as its base currency. The chosen base currency for DCEX will reportedly be made available to both institutional and retail investors. The San-Francisco based crypto exchange will operate as a crypto-crypto marketplace where all the supported digital currencies will be pitted against Ripple’s crypto token XRP as the platform’s base currency according to an announcement by the base operator. The new San-Francisco based platform will be powered by technology created and developed by blockchain experts, Alphapoint. The exchange platform will offer 15 crypto-crypto trading pairs as a start all of which will have Ripple as the base currency.
Some of the crypto tokens that will feature in the DCEX platform are crypto’s ancestor Bitcoin (BTC), second-placed Ethereum (ETH), Lite-coin (LTC), Bitcoin Cash (BCH), IOTA (MIOTA), EOS (EOS), Zcash (ZEC) among others. The exchange plots to add more Altcoins in the future all of which will have Ripple as the base in the crypto-crypto pairs. DCEX will not stop at just adding the most popular and valuable crypto assets to its platform, they will also reportedly make all assets included in the Bloomberg Galaxy Crypto index (BGCI), available to interested investors all in one location. This is an important step since the Bloomberg Galaxy Crypto index (BGCI) is known for tracking the top ten hottest and most liquid crypto assets available in the market and is also revered in the industry as an institutional benchmark.
Users who are interested in trying out the new platform are currently able to register, though trading will not begin until a certain time for commencement of trading is given within the next couple of weeks. DCEX, are of the belief that the use of XRP as a base currency will speed up transfers and help investors get on top of price inefficiencies among currency pairs in different exchanges. The fact that XRP blockchain transactions usually take below 4 seconds, institutions will benefit from faster money movement methods. Users will not only benefit from lightning fast transaction speeds but will also see network transaction costs slashed when moving XRP between DCEX and other marketplaces according to Alphapoint CEO, Salil Donde.
DCEX claim that their platform is able to support up to one million transactions per second. This is due to the support provided by tech giants Alphapoint based in New York City. The New York City based firm received 1.35 million dollars in funding 4 years ago enabling it to build the infrastructure required to support a million trades per second. DCEX has also taken steps to become a compliant and regulated operator under the guidelines of the SEC and other regulators by registering with FINCEN.
