Ripple-based DCEX Crypto Exchange Backed ByAlphaPoint Now Available
The AlphaPoint digital currency exchange provider is reportedly backing a new decentralized cryptocurrency exchange called DCEX which is based on Ripple (XRP).
DCEX will operate based on technology that was developed by AlphaPoint which develops blockchain solutions. The San Francisco-based exchange will kick off its services by offering crypto-to-crypto trading pairs where all the available digital currencies will be paired with Ripple. This means that the exchange platform will use XRP as its base cryptocurrency. The new exchange platform will also target both retail and institutional investors.
“We, as founders, have been in the crypto space since its inception that went unnoticed by many. Interest in blockchain is slowly becoming global, escaping the narrow indoor spaces of technically inclined groups of enthusiasts,” stated SalilDonde, the CEO of AlphaPoint on Monday.
The 15 cryptocurrencies offered include Ethereum (ETH), Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC), Bitcoin Gold (BTG), Bitcoin Cash (BCH), Dash (DASH), Eos (EOS), Monero (XMR), TrueUSD (TUSD), OmiseGo (OMG), ZCash (ZEC), VeChain (VEN), and IOTA (MIOTA). The crypto exchange plans to support more cryptocurrencies in the future and some of the ones expected to join soon include Cardano (ADA), and NEO (NEO).
The new cryptocurrency exchange plans to kick off operations in a few weeks and it is already accepting registrations. According to a recent press release,all the assets traded by DCEX will be featured in the Bloomberg Galaxy Crypto Index (BGCI) which keeps track of the most liquid digital currencies currently in the market. The press release also revealed that DCEX chose to use Ripple as its base currency because it can facilitate high-speed transfers that allows investors to take advantage of price arbitrage more efficiently on different crypto exchanges.
The new San Francisco-based crypto exchange also revealed that its network will handle as much as one million transactions per second. It will also give traders the opportunity to deploy high-frequency trading strategies for crypto trading and margin trading by allowing them to connect to APIs. DCEX has also registered with FINCEN and has taken other additional steps as part of its journey towards becoming fully regulated and compliant with the U.S. Securities and Exchange Commission (SEC). The press release also revealed that the exchange is also working towards compliance with other regulators.
DCEX is the latest decentralized exchange to grace the market and it highlights a growing trend in the crypto space since centralized exchanges have traditionally been vulnerable to hacks. Decentralized exchanges are expected to be more resilient against malicious attacks.