Republic Protocol launches build-your-own-dark-pool platform
Republic Protocol, the world’s first decentralised cryptocurrency trading dark pool, announced on Thursday the launch of a platform that will allow third parties to build their own dark pools.
Organisations, including existing cryptocurrency businesses such as major exchanges, will be able to offer their users a dark pool platform by integrating Republic’s functionality into their own existing service offerings. This will allow trading of ether, ERC20 tokens and bitcoin pairs.
Competitive dark pools
The first decentralised dark pool supported by the Republic Protocol platform will be its own Ren Exchange (RenEx), which is set to go live on the mainnet in the third-quarter this year.
“Our longer term vision is for a more open and inclusive protocol that allows the creation of competitive dark pools that cater to the particular needs of all different traders,” said Taiyang Zhang, chief executive of Republic Protocol.
Off the books
Cryptocurrency dark pools allow traders of large volumes of assets to make transactions with counterparties “off the books” of the exchange.
This means the transaction is not made visible on the public order book of any exchange, guaranteeing the anonymity of the counterparties in the trade and at prices agreed between those counterparties. Such trades, despite their large volume, have minimum impact on the market price of the asset traded.
“Republic Protocol’s technology means other crypto businesses will now be able to design and deploy dark pools powered by Republic Protocol that serve the broad spectrum of different trader preferences based on fees, regulation, governance or any number of other factors,” the company said.