San Francisco based cryptocurrency exchange DCEX is the first exchange to offer trading services while using XRP as the base trading currency. Trading using XRP is available for both individual and institutional investors.
DCEX explained their digital exchange on their website, saying:
“DCEX is a blockchain based crypto-to-crypto marketplace, offering 15 digital currencies with XRP as the base pair. DCEX offers access to all ten coins listed in the Bloomberg Galaxy Crypto Index (BGCI) in one location…DCEX is currently registered with FINCEN. It has taken initial steps to become registered, fully regulated, and compliant with the US Securities and Exchange Commission (SEC) and other regulatory agencies.”
The exchange will allow users to trade between XRP and a limited variety of other cryptocurrencies, including Bitcoin, Litecoin, Ethereum, Bitcoin Cash, and stable coin TrueUSD. The exchange is powered by blockchain technology provided by distributed ledger platform provider AlphaPoint.
Although DCEX is the first exchange to use XRP as an exclusive trading pair, it will soon be joined by another recently launched exchange. Japanese banking giant SBI Holdings recently launched a subsidiary, called SBI Virtual Currencies that exclusively listed XRP at its launch earlier this month. As the cryptocurrency exchange grows, they plan on using XRP as a base trading currency, much like DCEX.
SBI Holding’s CEO, Yoshitaka Kitao, explained why his exchange will be so focused on XRP, saying:
“Not only does it have a clear use case, XRP is faster, cheaper and more scalable than any other digital asset,” Mr. Kitao said. “I strongly believe it will become the global standard in digital currencies.”
In addition to being used by multiple exchanges as a base trading pair, XRP is also seeing success in Ripple’s xRapid settlement system, which is currently being piloted by a variety of companies, including SBI Holdings. The use of XRP as a base trading pair on exchanges enhances its utility as it adds to the liquidity of the currency, which increases its transaction speeds.