DCEX Cryptocurrency Exchange to Use XRP as Exclusive Base Currency

San Francisco-based blockchain marketplace DCEX is launching a new P2P cryptocurrency exchange which will use XRP as an exclusive base currency for all traded pairs offered on the platform. The new trading venue will allow users to trade 15 digital coins against XRP (XRP), the native token of a blockchain system that uses real-time settlement system to transfer and exchange money.

The available instruments will include mainstays such as Bitcoin, Ethereum and Bitcoin Cash, as well as newer offerings such as Cardano (ADA).

Time to buy the dip?

Notably, DCEX offers access to all ten coins listed in the Bloomberg Galaxy Crypto Index (BGCI). The exchange is also powered by crypto exchange software provider AlphaPoint, an infrastructure that connects various digital assets.

Adoption of XRP, the third most valuable virtual currency, has begun in several exchanges and it defies the trend of using Bitcoin or Ethereum as sole base currencies. The move comes as cryptocurrency exchanges are beginning to copy the safeguards commonly used by their mainstream counterparts after a steady stream of hacks, asset thefts and technical issues. The XRP protocol is seen as the most sophisticated in this context as it is already adopted or tested by several big banks.

Additional services

The base unit is the currency using which users can buy the other quoted cryptocurrency. In this scenario, users are able to buy currencies on the platform using their reserves of XRP. Prices will be calculated against the price of XRP for a crypto-to-crypto trading experience.

As well as trading, the DCEX digital exchange will offer integrated post-transaction services such as deal settlement and asset custody.

The company added in a statement: “As a U.S. based marketplace built for speed, the DCEX platform allows for a very rapid transaction volume with a network designed to facilitate up to one million transactions per second. Additionally, 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.”