US Exchange CoinMKT Launches API, Adds USD/Dogecoin Trading

Apr 15, 2014 at 21:15 UTCUpdated Apr 21, 2014 at 10:33 UTC. Los Angeles-based digital currency exchange CoinMKT has launched an API to provide advanced access to its platform.

The company offers trading between 10 different digital currencies and USD - and that now also includes dogecoin.

Travis Skweres, the CEO of CoinMKT, told CoinDesk that the API is a step towards getting professional traders and hedge funds using the exchange.

Now, the exchange's API brings new functions to the platform such as programming trade engines.

Being a US-based exchange means that the company's API offers a first-mover opportunity.

"I don't mind if CoinMKT is the invisible exchange house. That doesn't matter to me. I'll be invisible and exchange everything."

A number of companies exist in the more institutional space that CoinMKT is attempting to break into with its API. New York-based Coinsetter is a trading platform with access to Bitstamp for professional investors that want to move in and out of the bitcoin market.

Vaurum plans to offer an exchange that can plug into more established trading platforms.

CoinMKT also recently added dogecoin to its exchange, which brings its total trading pairs to USD up to 10.

While dogecoin is generally used for tipping purposes, there aren't many avenues for digital currency investors to obtain doge with USD like they can on CoinMKT. Skweres said: "Most of the altcoin trading is still to bitcoin, it's not to the dollar. There is not a massive market for doge to dollars."