Altcoin News

Omisego (OMG) listed on the first DCEX using XRP as the base currency

A Francisco-based decentralized exchange (DCEX) has included Omisego on the list of the first 15 coins that will open trading at the exchange. More interesting is that the exchange will have all of its trading pairs against ripple (XRP) coin making it the first DCEX using XRP as the base currency.

The exchange will run on AlphaPoint’s blockchain technology. AlphaPoint is a global financial technology assisting institutions to make illiquid assets liquid.

While breaking the news on a Medium post, Salil Donde said,

“At DCEX we firmly believe that a true industry leader must be unrivaled in every element of the service it offers. We offer the excitement of trading, and provide you with the means to navigate the uncharted waters of cryptocurrency trading.

The new decentralized exchange will feature 15 coins including OMG, VEN, ZEC, IOTA, DASH, XMR, TRX, LTC, ETH, BCH, ETC, XRP, EOS, BTC, and TrueUSD(TUSD) which is a stable coin. The next wave of adding more coins on the exchange will see NEO and ADA supported.

Among the services, DCEX will offer lower transaction fees, margin trading, high-frequency crypto trading, arbitrage among currency pairs on different exchanges, etc.

Additionally, the exchange will “offer access to all ten coins listed on the Bloomberg Galaxy Crypto Index (BGCI) in one location.” BGCI was formed by Bloomberg and Galaxy Digital Capital Management firm owned by crypto billionaire Mike Novogratz. The BGCI index is intended to measure the performance of the largest cryptocurrencies traded in USD.

Although trading at DCEX has not yet started, registrations are currently underway with trading expected to start a few weeks later. The exchange is targeting both retail and institutional investors.

Since the decentralized exchange will be operating from the U.S, it has laid the ground seeking being regulated by the country’s financial watchdog. It currently has a FinCEN registration.

Omisego is also being highly anticipated that it will soon be listed on an Australian exchange, Bitpanda. earlier this month, Omisego entered a partnership with McDonalds’ Thailand branch. Omisego will handle become McDonalds website and mobile app payment processor.

Being the first DCEX using XRP as the base currency, do you think it will have a difference compare to exchanges using bitcoin as the base currency?

Let us know your thoughts in the comments section below

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coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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