DCEX Will Be the First Crypto Exchange to Exclusively Use XRP as the Base Currency
DCEX, the San Francisco-based marketplace, has recently announced that its digital asset exchange is now open for client registration and it will be fully operational over the following weeks. What’s particularly interesting about this exchange is the fact that it is going to be the first one in the world to exclusively use XRP as the base currency.
The announcement describes how the XRP-based marketplace will allow anyone to settle transactions in under four seconds, thus “providing a speed advantage over other money movement options.”
The press release also describes the 15 coins against which anyone can trade XRP. These include 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), and stable-coin TrueUSD (TUSD).
The exchange has also announced its intention to add Neo (NEO) and Cardano (ADA), as well as more pairs in the following months. Currently, the exchange is not ready for trading. However, as mentioned before, users can register accounts on the official website.
As described in the announcement, features of DCEX will include:
- “Arbitrage among currency pairs on different exchanges: XRP as a base currency allows for seamless, high-speed transfers between exchanges to take advantage of price inefficiencies.”
- “Faster execution times with lower latency: 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.”
- “High frequency crypto trading: Advanced participants can easily connect to APIs to facilitate high frequency crypto trading strategies.”
- “Increase of overall liquidity in cryptocurrency space, using the XRP protocol: 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.”
- “Lower transaction fees: Market participants will be able to rapidly move XRP between DCEX and other marketplaces at a low network transaction cost as XRP protocol withdrawals allow for lower costs.”
- “Margin trading: Traders can increase returns when leveraging their investment to take advantage of trading opportunities as they arise.”
Regarding the lower transaction fees, the exchange is expected to offer 0% “maker fees,” 0.2% “taker” fees, and 0% fees for withdrawal any type of withdrawals.