DCEX to Launch First-Ever Crypto Exchange to Exclusively Use XRP As the Base Currency

Siamak Masnavi

On Monday (30 July 2018), DCEX, a San Francisco-based startup, announced that its digital asset exchange, which is the first in the world to exclusively use XRP as the base currency, is open for client registration, with trading to start "in the coming weeks." DCEX is powered by exchange technology from Distributed Ledger Technology (DLT) solution provider AlphaPoint.

DCEX says that being an XRP-based marketplace allows it to settle transactions in under four seconds, "which provides a speed advantage over other money movement options."

DCEX allows trading XRP against fiat (USD) and the following 15 cryptocurrencies: 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). This means it offers the following trading pairs: 

  • XRP/USD
  • BTC/XRP
  • LTC/XRP
  • ETH/XRP
  • OMG/XRP
  • BCH/XRP
  • DASH/XRP
  • TRX/XRP
  • VEN/XRP
  • TUSD/XRP
  • BTG/XRP
  • ZEC/XRP
  • XMR/XRP
  • ETC/XRP

DCEX says it plans to add Neo (NEO), Cardano (ADA), and more pairs in the coming months.

Although customer can customers are able to register now at https://dcex.com/, the exchange is not quite ready to allow trading yet; however, the following image should give you a rough idea what the trading interface will look like:

DCEX trading interface.png

DCEX features 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."

As for fees, the trading fees, "maker" fees are 0% and "taker" fees are 0.2%. For withdrawals, XRP withdrawals are free, whilst there is a "standard network fee" (depends on blockchain activity) for other crptocurrencies. Crypto deposits are free.

 

Featured Image Credit: Image Courtesy of DCEX

$3.2 Million Worth of Ether from the Upbit Hack Have Reportedly Been Laundered

A total of $3.2 million worth of ether stolen from the popular South Korean cryptocurrency exchangE Upbit have reportedly already been laundered via small transactions sent to various other cryptocurrency exchanges.

According to a recently published report, citing data from Uppala Security’s Sentinel Protocol, a total of 20,520 ETH that was stolen from the cryptocurrency exchange has already been laundered, as the address to which the stolen funds were initially sent to has moved them and sent small transactions to various other trading platforms.

Per the report, these trading platforms including exchanges like Binance, Huobi, Bittrex, Bitfinex, and several decentralized exchanges. Uppsala’s President Patrick Kim was quoted in the report saying it believes the hackers are still looking to launder the rest of the 342,000 stolen ETH.

We believe that the hackers continue to launder money through exchanges without any sanctions standing in their way.

As CryptoGlobe reported, in November of last year the South Korean exchange Upbit confirmed hackers managed to steal about $49 million worth of Ethereum from its hot wallet, and quickly reacted to the situation by moving all cryptoasset from its hot to its cold wallets.

The exchange also suspended deposits and withdrawals to look into the situation, and only reopened them for Ethereum earlier this week after improving its security. Users were told to update their wallets and not send them to the old address as it could lead to a complicated and costly recovery process.

The original address the hacked ETH was moved to now holds less than $10 worth of the cryptocurrency, while some addresses associated with the theft still hold large amounts. While some speculated the small transactions to exchanges were simply a test, Kim claimed the transactions had the sole purpose of laundering the funds.

Featured image via Pixabay.