The team from COBINHOOD, a new cryptocurrency exchange today announced the live launch of its platform with zero-transaction fees. The exchange is able to offer zero transaction fees by instead charging for margin loans, its ICO fees, and also soon to come paid subscription features. The company claimed 45,245 ETH during its token sale which ended in late October, COBINHOOD also secured 5 million USD from a private placement and another 5 million USD from VC funds.
To deposit or withdraw fiat currencies to or from a COBINHOOD account, a user account needs to be verified. Once logged in, users can choose which level if verification apply for the different limits. While everyone is open to creating an account on COBINHOOD, certain territories might have limited or no access to the service at the moment due to regulatory compliance.
Popo Chen, (Chen Tai Yuan) the COBINHOOD CEO and founder is a 26-year-old serial entrepreneur who skipped one year of senior high school and entered NTU (National Taiwan University) as an Electrical Engineering major and earned an Electrical Engineering master’s degree at the age of 22. At the age of 24, he founded 17 live streaming, a leading live streaming platform across Asia with more than 5M daily active users. In three months, 17 live streaming raised 10M USD. Angel investors got 20x return on investment within a year. Jamie Lin, the founder of AppWorks, the largest startup incubator in Taiwan, named Chen a “genius among entrepreneurs.”
On the platform, users can exchange fiat currencies directly to any crypto-coin available. During the launch, the following trading is available, but other assets will be introduced on a rolling basis.
• CMT (CyberMiles*)/BTC
*COBINHOOD provides an ICO launch service, the CMT token is being conducted by COBINHOOD.
Performance and security
COBINHOOD features a proprietary order-matching engine can process millions of orders with sub-millisecond latency. The system is designed to be fully distributed, highly-available, and auto-scalable. COBINHOOD stores the majority of the crypto assets deposited into the platform in an offline multi-signature vault, which requires confirmation from at least five out of the eight geo-distributed hardware security modules to open.
Bug bounty: Stage 2
The second round of the bug bounty is also open now until 31st December 2017 23:59 (UTC+0). For stage 2, the “Report Bug” button will be removed, and all bug reports must be sent via a customer support ticket. The team notes to please choose the category of “Bug Report” when submitting the ticket.
The COB (COBINHOOD Token) has experienced a striking drop since the exchange has entered and gone into live mode. Still, the token still hovers above its exchange listing prices. Android and iOS apps are still yet to come, but no launch date announced.