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A New Cryptocurrency Exchange Is Launched With XRP As Its ‘Base Currency’

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The San Francisco-based marketplace DCEX officially welcomed a new cryptocurrency exchange that will use Ripple (XRP) as its “base currency”. Ripple will be available for both retail and institutional investors.

DCEX’s plans are to function as a crypto-to-crypto marketplace where all digital currencies will be trading against Ripple’s token XRP as the platform’s “base currency”. As the exchange operator announced, the platform will be powered by the industry services firm AlphaPoint.

Currently, registrations are only open for users and the exchange will apparently begin trading at an undetermined time in the next couple of weeks. As the excerpt from the announcement reads, explaining the market choice of the operator to use XRP as the base currency:

“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,”

The CEO of AlphaPoint, on the other hand, claimed that investors will see low network transaction costs when moving XRP between DCEX and other marketplaces.

The exchange will also include a total of 15 trading pairs and will support coins such as Bitcoin, Ethereum, Litecoin, and others – as well as privacy-centric coins such as Monero and Dash alongside the stable-coin TrueUSD.

Powered by AlphaPoint’s proprietary distributed ledger, the exchange will function as an exchange that is “secure, scalable and customizable” for operations with a processing capacity of “nearly one million transactions per second” as described by DCEX.

 

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Altcoin News

Bakkt Exchange Eyeing A New York License Following Launch

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The Bakkt exchange is in the coming altcoin news for its decision to pursue a New York License from the owner of the New York Stock Exchange (NYSE), Intercontinental Exchange (ICE). The NY license will aid Bakkt and its long-delayed crypto exchange. Knowing that the launch of the Bakkt exchange has been held up for five months now, reports showed that most of the delay lies in the difficulty of obtaining the Commodity Futures Trading Commission (CFTC) to approve it to custody Bitcoin for its planned and physically-delivered futures contracts. ICE would apparently need a license from the New York Department of Financial Services (NYDFS) as a possible solution according to a Bloomberg report. For those of you who don't know, such physically settled contract would mean that buyers would receive the actual commodity - Bitcoin - at maturity. Right now, the CFTC is concerned over the issue of safeguarding clients' Bitcoin which is linked to Bakkt exchange and its future product. Thus, a state license will definitely help Bakkt to cut through its reservations, as the report shows. The exchange may also be moving to enable retail transactions using BTC for firms such as Starbucks (which is a Bakkt investor) as the best cryptocurrency news sites reported. Right now, if ICE is ready to pull off the New York registration for the Bakkt exchange, it might also allow CFTC to issue its futures by self-certification and in that manner sidesteep the regulator's requirements that client funds are deposited in either a bank or a trust company. However, even if they manage to obtain the license and custody crypto in the New York state, the Bakkt exchange would still need a green light from the CFTC over its wider operations, as reports show. ICE planned to launch Bakkt in mid-December, but the deadline was moved to January 24 later on. Then, on New Year's eve, the big day was again delayed indefinitely, and ICE said that the January target "will be amended pursuant to the CFTC’s process and timeline" which means that the Bakkt exchange is still waiting for regulatory approval. As the latest cryptocurrency news show, Bakkt is continuing to build out its product and systems, without putting an accent on the license.
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Altcoin News

South Korean Exchange Coinnest Announces A Shutdown

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The popular South Korean exchange Coinnest is in the latest cryptocurrency news on our website for its apparent decision to close its offices and put an end to its operations. As an official notice on its website read, as of Tuesday the exchange will not be operating anymore. The users will need to withdraw the funds held on the platform by April 30, while the fees for withdrawals and the minimum threshold have been lowered in order to assist the process, as the notice said. The South Korean exchange Coinnest also had an official to report the news and provide the reasons for closure. According to him:
“It is a natural result of a decrease in trading volume. Both regulatory issues and business decisions have served as a background for this decision. The cynical nostalgia and passion alone can not cope with the changes and movements of the cipher and block chain industry measured at this time."
According to an official, the South Korean exchange Coinnest and its closure comes as a result of a decrease in trading volume, regulatory issues and business decisions. All of these factors have served as a background for this decision. As reported in the altcoin news section of many crypto news sites, the decision comes after a bad year for the exchange. One year ago, an executive of the firm was arrested on suspicion of fraud and was later convicted, being jailed and having to pay a 3 billion Korean won (approximately $2.5 million USD) fine. The South Korean exchange Coinnest also lost more than $5 million in a mistaken airdrop this January, which piled up to the bad news for the firm. As soon as that happened, the firm revealed that Bitcoin and other altcoins were sent to customers due to a computer error. Since then, the exchange had been trying to distribute We Game Tokens (WGT) to repay for the lost funds because of the incident. As reported by many best cryptocurrency news sites before, Coinnest was also once the third largest cryptocurrency exchange based on the domestic volume and was a popular name on the South Korean market.
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Binance Chain Launch: Expected Mainnet Swap Set For April 23

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One of the largest companies in the crypto sphere, Binance, is featured in the latest cryptocurrency news for launching its mainnet named Binance Chain with which it expects to execute the swap of its native token Binance Coin (BNB) on April 23, according to an official announcement on April 18. Initially published in December 2018, the plans to launch its own blockchain date back to months ago when Binance intended to build a basis for issuing new cryptocurrencies as well as initial coin offering (ICO) tokens.
"Binance Chain launches its mainnet and plans to execute Mainnet Swap on April 23, 2019.Please note that all dates are only our best estimates and are subject to change depending on how things progress. Please stay tuned for any updates during this period."
The Binance Chain launch will also see Binance producing blocks with consensus from the genesis block as of today - and its native coin BNB is planned to be issued in the genesis block. Along with the launch, the exchange provided details for the conversion of ERC-20 based BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, the exchange emphasized that it will not support the withdrawal of ERC-20 BNB tokens after April 23. Both Binance Chain Explorer and Web Wallet will be available to selected partners in the beta testing mode and are expected to be opened to public access "around April 23, 2019" according to the announcement. What's even more specific in this coming altcoin news is the fact that Binance is planning on releasing more BEP2 coins as more users convert their ERC-20 BNB coins to BEP2 BNB with the Binance Chain launch, while the proportional amounts of the ERC-20 BNB tokens will be burned while "keeping the total supply across both networks constant," as the exchange noted. Currently, Binance is the third largest cryptocurrency exchange in the world. The Q1 2019 profits of the business recorded an increase of 66% compared to the previous quarter, as reported by many best cryptocurrency news sites. In another report, it is shown that Binance earned $78 in Q1 profits due to a massive growth in its over-the-counter platform. Recently, one charity arm of Binance said that it would launch a crypto donation channel to suppor the reconstruction of the Notre Dame cathedral.
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Huobi Crypto Exchange Adds Three Trading Pairs For XRP In The USA

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Huobi crypto exchange and its USA based version Hbus, have launched three more trading pairs for XRP. In our latest cryptocurrency news today we read more about this amazing news. According to the announcement, Huobi crypto exchange added three trading pairs including USD-XRP, Bitcoin BTC-XRP, and Tether (USDT)-XRP. The news came in a press release just today. All of the XRP deposits will be opened at 12:00 a.m. All of the withdrawals for the trading pairs will go live tomorrow on April 19th. The Huobi crypto exchange branch Hbus and its CEO Frank Fu commented on the new addition. He pointed out that XRP is the 20th listed digital asset to the platform which means that the exchange is now at a total of 51 trading pairs. The press release describes XRP as a ‘’strong performing coin with broad utility and volume.’’ It also explains how the Ripple Labs Company is driving mass adoption by making a lot of partnerships. The Ripple network will reach mass adoption for the cross-border payments system. To press time, the XRP token is the third largest cryptocurrency on the market with a market cap of around $14.2 billion. As previously reported in many of the best cryptocurrency news sites, the Huobi crypto exchange marketplace initially launched with the name Hbus in 2018 in June. This was a strategic move of the Huobi Group which is the operator of the Huobi Global Crypto exchange and is ranked at the eight place in the world. All of the US trading services on the platform went live in 2018 July. At the start of this year in January, the Hbus operator in San Francisco rebranded the name into Huobi crypto exchange-Huobi.com. After a lot of controversy and speculation, XRP was listed on the professional trading platform of the major US crypto exchange Coinbase for the first time in February 2019 which made the coin’s price skyrocket. Later in March, Coinbase also added functionality for the asset which made possible for the customers to make zero-fee cross-border transactions and payments with the help of XRP and the stablecoin USD coin. Currently, the Huobi crypto exchange is at the 183rd place as an exchange globally which means it reaches up to $90,000 in trades in just a period of 24 hours.
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