Cobinhood, a next generation cryptocurrency service platform launched. The launch, signaled by the companys ICO on Sept. 13, will see COBINHOOD bring the worlds first zero-fee, high-frequency cryptocurrency trading platform to traders around the globe.
COBINHOOD was founded by Popo Chen, the original founder of 17 Media, with the intention of shaping future economies by creating a financial center for the blockchain era. COBINHOOD believes the evolution of blockchain technology and a decentralized financial landscape will transform capital markets and business organizations with long lasting impact.
With nothing available on the market to keep up with the growing popularity of cryptocurrency trading, we created COBINHOOD to meet the industrys future demand, says Popo Chen, COBINHOOD CEO. The top 30 cryptocurrency exchanges charge, on average, 0.2% trading fees for makers and takers which significantly impacts profit margins. Combined security and latency issues, COBINHOOD saw an opportunity to become the financial center for the for the blockchain era. We look forward to supporting crypto traders, while also becoming a leading force in taking todays economies into the future.
The exchange will debut in November 2017, with the capability to process more than one million orders per second. Our strong backend team has developed a proprietary order matching engine which can process millions of orders with sub-millisecond latency, achieving true real-time trading. The system is fully distributed, highly available, and auto scalable. The exchange features margin trading with up to 10X leverage which is funded by COBINHOODs margin funding service. It will also support over 10 fiat currencies and plans to add spot and margin trading later this year.
In 2018, COBINHOOD will launch ICO underwriting service. COBINHOOD will underwrite high-quality, promising ICOs that have passed stringent due diligence, smart contract code review and legal compliance.
COBINHOOD has secured a 5 million USD in seed funding, including involvement from Banyan Capital, Infinity Venture Partners and other investors. The company also announced the successful completion of its ICO presale, raising another 5 million. COBINHOOD is now focus on its ICO, a total of 1 billion COB tokens will be issued, while up to 500 million COB tokens will be available through Ethereum currency starting on September 13, 2017. COB tokens are based on Ethereum ERC20 token standard. Participation in the ICO can result in bonuses of up to 40 percent based on the date of joining, as well as 50 percent off margin trading loan interest. Tokens will become tradeable upon the launch of COBINHOODs innovative exchange platform.
COBINHOOD provides high-quality service, 100 percent guarantee for cryptocurrency deposit and multi-lingual customer support. The company stores 98 percent of the cryptocurrency deposits in an offline multisig vault, which requires 5 out of 8 geo-distributed hardware security modules to open. In addition, all assets stored in online wallets will be backed by comprehensive insurance.