Cryptocurrencies are stealing all the headlines these days, performing extremely well in 2017 and attracting more investors in 2018. At the moment, there are over 4500 crypto-coins going around, each designed to serve a specific purpose and to contribute to the financial and economic growth worldwide.
Outcomes of Blockchain technology
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Even if the crypto market has gained in popularity since 2013, the first digital coin to be invented was Bitcoin in 2009, being the first decentralized crypto, that paved the way for the revolutionary blockchain technology.
“The size of Blockchain technology market is projected to grow to over 2 billion U.S.dollars by 2021.”
Consequently, along with blockchain innovations, virtual trading has increased drastically as people are switching from fiat-based financial system to a blockchain-based one. Furthermore, crypto trading volume surpassed stock trading volume by August 2017.
Taking advantage of the many benefits blockchain has introduced, Cobinhood, the first zero trading fee exchange platform, has upgraded to handle modern demands in the market. In fact, its creator, Popo Chen, pointed out that before launching this platform, he looked into the real issues affecting the current online exchange system.
Issues in the Cryptocurrency Market
Like any novel movement, digital currencies have their inconveniences, aspects that should not be neglected by investors or users. The most frequent are:
- Inefficient Real-Time trading – A cryptocurrency exchange is a marketplace for buying, selling, or shorting digital assets. To trade, the exchange uses a sophisticated trade matching software, which links the buyer and seller, and facilitates the trade between them. Unfortunately, since the immense growth of digital coins, issues such as delayed orders or limiting trading APIs arose.
- Asset Security Problems – Many trading platforms have been the target of hackers. For instance, Bitfinex was hacked recently, and it lost 120k Bitcoin, which today are valued at more than $1bil.
- Unexpected Shutdown – Although it is a common aspect of trading platforms, it can have serious effects on coins, leading to other worrying results. A popular trading platform like Coinbase, had three shutdowns in one day resulting in a decrease in value for bitcoin.
- Limited FIAT currencies supported – Since there is a great range of different crypto-coins, many websites support only one fiat currency, whilst others do not provide fiat deposit or withdrawal at all.
- Slow Customer Service – customer services are slow, especially when there could be thousands of users that demand identity verification at once. In some situations, there is no one to even respond to inquiries.
How Cobinhood Solves These Problems
Cobinhood’s features were specifically designed to overcome pressing obstacles that stand in the way of traders and investors worldwide. The main ones are:
- Zero Trading Fee – There are no trading fees for spot and margin exchanges, in order to maximize profits globally.
- Offline Multisig Wallet Security System – All crypto assets deposited on their platform will be stored in an offline multisig wallet – considered to be the safest strategy to protect your income.
- 100% Reserve Guarantee – To ensure no embezzlement of traders’ funds, the reserve guarantee was introduced. Plus, it makes public all online and offline wallet addresses for public audit.
- Assets Backed by Insurance – In order to fully recover any assets, all users’ online wallets are backed by insurance.
- Wide Range of FIAT currency supported – Users are able to choose their desired fiat currencies for withdrawals or to make funds deposits. Examples of FIAT currencies include USD/EUR/JPY/KRW/CNY/GBP/CAD, and others.
- Full-time Responsive Customer Service – Cobinhood provides 24/7 online customer service to ensure consistency on the website and to keep all users satisfied and guided professionally. In case customers need assistance, success specialists can be reached via the COBINHOOD website or mobile app.
Apart from the previously mentioned features, Cobinhood also launched their token symbol – COB, that has many utilities and brings a lot of advantages for token holders. To be more precise, users will be eligible for several privileges: 50% off margin trading loan interest when paying with COB tokens, along with getting future ICO tokens at significantly lower rates.
Just as important, COB is based on the Ethereum ERC20 token standard, and the tokens issued by the ICO can only be purchased with Ethereum. Additionally, as the cryptocurrency and the ICO market grows, COB token holders may receive additional types of tokens. As a result, the market value of COB token is expected to rise more since now it’s undervalued.
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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