Ripple’s XRP marked a new milestone in its journey as a cryptocurrency exchange declared it as the base unit of accounts.
DCEX, a cryptocurrency exchange, has started registration with XRP as the foundational currency. Presently, it offers 15 pairs of coins, like Bitcoin, Litecoin, Ethereum, Bitcoin Gold, Ethereum classic (ETC) among others for trading. The company has also announced that it would be adding Neo and Cardona in the coming months. Additionally, the users will also be able to trade all the coins listed on Bloomberg Galaxy Crypto Index.
Ripple’s XRP follows Bitcoin and Ethereum to be third largest cryptocurrency of the world. Ripple’s fortune was at stake after its main market- the banking sector came into doubt since past few months. “What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable,” said David Schwartz, Ripple’s chief cryptographer on the resistance across banks to accept blockchain technology.
Powered blockchain technology AlphaPoint, DCEX is open for registration. However, the users will have to wait for sometime to avail its trading facility. AlphaPoint, the New-York based company received a funding of $1.35 million in early 2014, owing to its ability to conduct around a million trades in a second. The company also raised a fund of $15 million from Galaxy Digital, the crypto merchant bank.
The company reasoned that XRP blockchain technology helps in settling a transaction within four seconds,” allowing for faster multi-exchange strategies and providing a speed advantage,” making it a better choice among other money movement options
Based in San Francisco, DCEX is taking measured steps towards transforming itself into a fully-fledged, registered, and regulated exchange for cryptocurrency in the next few months. The exchange is registered with FINCEN and promises to offers hasteless, high-speed transfers of nearly 1 million transactions per second, across different cryptocurrency exchanges at marginal costs.