Republic Protocol, a new anticipated decentralized dark pool for cryptocurrency trading, has partnered with Digix, the first company to conduct an ICO on the Ethereum blockchain and the maker of gold-backed DGX tokens.
Republic customers will be able to trade BTC, ETH or ERC20 tokens on a hidden order book directly with DGX tokens, which are redeemable for 1 gram of 99.99% LBMA standard gold per token. Together, Digix and Republic Protocol offer cryptocurrency investors a secure, private and stable way to store or invest when the trading platform launches on the Ethereum mainnet in Q3 2018.
A dark pool is a private exchange where financial assets and instruments are traded and matched by an engine running on a hidden order book. They are primarily created to serve institutional or HNW investors who require a system where significant volumes of assets can be block traded with minimal price slippage.
“It’s an honor for Republic Protocol to partner with a such a prestigious, veteran company such as Digix. Our goal is to allow the customers on our platform the flexibility to easily move their digital assets without adversely affecting the overall stability of the markets. By partnering with Digix, we will now be providing them with the opportunity to transfer their assets to one of the most stable storages of wealth throughout history: traditional gold.”
Republic Protocol is building a decentralized open-source dark pool protocol for the trading of cryptocurrency pairs across the Bitcoin and Ethereum blockchains. Trades on Republic will be placed on a hidden order book and are matched through an engine built on a multi-party computation protocol.
“We are thrilled to be one of the first asset’s to be made available on the Republic Protocol platform. DGX tokens will provide a stable, gold-backed digital asset for investors looking to secure their wealth and hedge against the volatile markets. Large holders of DGX tokens will also be able to invest their assets with minimal price slippage.”
Digix was the first company in history to issue an Initial Coin Offering (ICO) on the Ethereum blockchain in early 2016 when they created the Digix Decentralized Autonomous Organization (DigixDAO) and released DGD tokens. Since then, they have pioneered a range of blockchain technologies involving digital assets, including the Proof of Asset (POA) Protocol and creation of the DGX token – a stable digital currency backed by physical gold bullion.