Cobinhood virtual trading platform will launch crypto-fiat pairs as part of its strategy to take a much bigger part of the cryptocurrency trading market. The company will allow exchanges between US dollar and three virtual coins, Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
Cobinhood claimed that it passed Level 3 know-your-client (KYC) requirements before introducing the fiat functions. However, the exchange did not reveal what is included in this level, which territories and services it covers and which entity certificated the company.
The fiat-crypto service is a result of a partnership with Epay. In an official statement Popo Chen, the founder of Cobinhood, said:
“In several instances, the market is not reflecting the tremendous progress being made at cryptocurrencies worldwide, “
“There's no doubt in my mind that many value investors were waiting on the sidelines until prices rationalized, and so the near-term promises to be an exciting time for exchanges that can offer the liquidity fiat options provide. “
Cobinhood was launched in 2017 and currently offers trading in pairs with Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and Cobinhood coin (COB). The exchange supports more than 60 digital coins, including Bitcoin Cash (BCH), Litecoin (LTC), EOS (EOS), NEO (NEO), Ox (ZRX), Golem (GNT), Qtum (QTUM), Status (SNT), Civic (CVC) and Basic Attention Token (BAT (LON:BATS)).
Cobinhood, which presents itself as a “zero free cryptocurrency exchange”, has more than $1 million in trading volume for the last day. In comparison, the leader in the “no-fees” market is BitMEX with over $4.2 million in volume.
Last week, Cobinhood introduced a beta margin trading service for testing the functions before the official public launch. In June, the company launched a decentralized blockchain platform called Dexon with the hedge fund IDG Capital.
This article appeared first on Cryptovest
