Decentralized Exchange Launches for Dogecoin Swaps

·2 min read

A dogecoin-focused platform has launched to enable peer-to-peer exchanges, or “atomic swaps,” of the resurgent cryptocurrency

In an announcement Wednesday, open-source cryptocurrency and blockchain solutions provider Komodo said its “DogeDEX” went live on March 1, and has already seen over 3,000 downloads. The service is powered by the AtomicDEX engine and is available through both desktop and mobile apps. 

Atomic swaps are a way for users to directly exchange cryptocurrencies without need for a third party such as a centralized exchange.

Related: Market Wrap: Bitcoin Nears All-Time High As US House Passes $1.9T COVID-19 Relief

The DEX also acts as a non-custodial wallet allowing users to store their holding on the platform. Komodo said its engineers are also in the process of building a fiat on-ramp in the next month, so cryptocurrency purchases can be made directly on DogeDEX. 

“Crypto, like the internet, is so much about community and dogecoin is the currency of the internet. Decentralized exchanges and non-custodial wallets are a few of our specialties and we want to enable [dogecoin’s] considerable fanbase to trade crypto with the very latest technology – Atomic Swaps,” said Kadan Stadelmann, CTO at Komodo.

Dogecoin has seen a resurgence in popularity after celebrities including Elon Musk, Snoop Dogg and Gene Simmons tweeted about the cryptocurrency and as prices surged during the WallStreetBets trading mania.

Read more: Nyan Dogecoin NFT Fetches $69K in ETH

Related: 'Moon' Uses Bitcoin's Lightning Network to Enable Online Shopping With Visa Cards

The Dallas Mavericks pro basketball team owned by Mark Cuban recently announced it will soon be accepting the meme-based cryptocurrency through crypto payment services provider BitPay.

DogeDEX will provide a new way for fans to got hold of the cryptocurrency because trading venues are not universally supporting the coin.

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