AlphaPoint, a digital currency services company announced that it is backing a new crypto exchange. The crypto services firm revealed that the new virtual trading network will have Ripple (XRP-USD) as its primary currency. This token is currently rated as the third largest digital currency as per market capitalization.
According to the CEO of AlphaPoint, Salil Donde, the new crypto trading platform is known as DCEX. The exchange will cater to both institutional investors as well as retail investors. Even though clients can only begin trading on the network in some weeks’ time, registration has already been opened on the platform.
Offer several trading pairs
DCEX, which is based in San Francisco will operate as a crypto to crypto platform. The network will provide up to 15 trading pairs which will all be paired against the XRP. The tokens include XRP, Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), EOS (EOS), Litecoin (LTC), Dash (DASH), Tron (TRX), Bitcoin Gold (BTG), Monero (XRM), OmiseGo (OMG), IOTA (MIOTA), VeChain (VEN), ZCash (ZEC) and TrueUSD (TUSD). The firm also reported that it intends to add Cardano (ADA) and NEO (NEO) in addition to other pairs in future.
DCEX, which is powered by AlphaPoint’s blockchain technology also allows the 10 tokens that are included in the Bloomberg Galaxy Crypto Index in a single location.
Settled on XRP
Donde explained that the exchange chose XRP as its primary currency since it can transfer funds very fast while incurring transaction costs cheaply. The XRP ledger is advantageous to traders because of its ability to settle funds in a span of a few seconds. It can process up to a million transaction in a single second.
Even though the crypto exchange has not yet registered with the U.S Securities and Exchange Commission (SEC), it has already finalized registrations with the Financial Crimes Enforcement Network (FINCEN).
However, the firm disclosed that it is working hard on complying as it intends to be a registered, compliant and regulated exchange. It stated that it plans to attain this under all the regulatory agents including the SEC.