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Decentralized Exchange Launches for Dogecoin Swaps

The new DogeDEX from Komodo will allow fans to make peer-to-peer exchanges of the cryptocurrency.

Updated Set 14, 2021, 1:47 p.m. Published Mar 10, 2021, 1:25 p.m. Translated by AI

"Shibe," the dog made famous in the Doge meme that was popular in 2013.

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

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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.

The DEX also acts as a non-custodial wallet allowing users to store their holdings 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 Komodo CTO Kadan Stadelmann.

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.

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.

Dogecoin Atomic Swaps Komodo Platform dexs

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.