AlphaPoint Backs New XRP-Based Crypto Exchange

DCEX trading platform will support only crypto-to-crypto options in 15 pairs, including with Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).

AlphaPoint, a crypto exchange service provider backed by billionaire Michael Novogratz, has announced help for the development of a new virtual trading platform, that will use XRP as a base currency, AlphaPoint CEO Salil Donde said in a blog post on Monday. The exchange, called DCEX, will target retail and institutional investors.

The new platform will start operations after a few weeks and registrations are already opened.

“We, as founders, have been in the crypto space since its inception that went unnoticed by many. Interest in blockchain is slowly becoming global, escaping the narrow indoor spaces of technically inclined groups of enthusiasts,” Donde explained.

DCEX will make the third largest cryptocurrency, XRP, the main coin as all trading pairs will be based on this virtual currency. The exchange will offer 15 cryptos: Bitcoin (BTC), Ethereum (ETH), EOS (EOS), Bitcoin Cash (BCH), Litecoin (LTC), Ethereum classic (ETC), Bitcoin Gold (BTG), Dash (DASH), Tron (TRX), OmiseGo (OMG)Monero (XMR), VeChain (VEN), IOTA (MIOTA), ZCash (ZEC), and TrueUSD (TUSD). The platform plans to add NEO (NEO), Cardano (ADA), and more pairs in the coming months.

Based in San Francisco, DCEX has registratered with the US Financial Crimes Enforcement Network (FINCEN) but is still not registered with the Securities and Exchange Commission (SEC).

“DCEX is taking initial steps towards compliance and plans to become a registered, fully regulated and compliant operations under the United States Securities and Exchange Commission (SEC) and other regulatory agencies, as applicable,” the exchange said in a press release.

AlphaPoint, which provides blockchain-based services for the launch of new cryptocurrency exchanges and tokenization of digital assets, will facilitate the DCEX functionalities.

Founded in 2013, AlphaPoint claims it is “helping make illiquid assets liquid”. In June, the company raised $15 million in its first round of venture capital funding, mainly from billionaire Michael Novogratz’s Galaxy Digital.