NEW YORK – Sept. 13, 2017 — Today, COBINHOOD launches the ICO (Initial Coin Offering) for its next-generation cryptocurrency service platform. The ICO signals the beginnings of the world’s first zero-fee, high-frequency cryptocurrency exchange to be debuted in November 2017 with ICO underwriting service anticipated in 2018. During the ICO, participants can receive bonuses of up to 40% based on the date of joining, as well as 50% off margin trading loan interest. A total of 1 billion COB tokens will be issued, while up to 500 million COB tokens will be available through Ethereum currency starting September 13th, 2017 and will continue until October 22nd, 2017 (40 days).
Tokens will then become immediately tradable upon the launch of COBINHOOD’s exchange. Prior the ICO, COBINHOOD has already 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 pre-sale, raising another 5 million USD. COBINHOOD positions itself as the next-generation cryptocurrency service platform by providing high-quality service, 100% guarantee for cryptocurrency deposit, and multi-lingual customer support. COBINHOOD’s exchange will debut in November 2017, with the capability to process more than one million orders per second, achieving real-time trading.
The company also boasts zero-fees margin trading with up to 10x leverage—which is good news for traders. And without relying on trading fees, the exchange’s revenue will come from its margin trading loans interest and ICO underwriting service fees. Regarding their tech, COBINHOOD stated that their system is fully-distributed, highly-available, and auto-scalable. The company stores 98% of cryptocurrency deposits in an offline multisig vault, which requires 5 out of 8 geo-distributed hardware security modules to open. Moreover, all assets stored in online wallets will be backed by insurance. Founded by Popo Chen, the original founder of 17 Media, Chen intends to shape future economies by creating a financial center for the blockchain era—COBINHOOD.
“With nothing available on the market to keep up with the growing popularity of cryptocurrency trading, we created COBINHOOD to meet the industry’s future demands,” said Chen, COBINHOOD CEO. “The top 30 cryptocurrency exchanges charge, on average, 0.2% trading fees for makers and takers, which significantly impact profit margins. Combine this with security and latency issues, COBINHOOD saw an opportunity to become the financial center for the blockchain era. We look forward to supporting crypto traders, while also becoming a leading force in taking today’s economies into the future,” added Chen.
In 2018, COBINHOOD plans to take the platform further by launching an ICO underwriting service. COBINHOOD will underwrite high-quality, promising ICOs that have passed stringent due diligence, smart contract code review, and legal compliance. COBINHOOD believes the evolution of blockchain technology and a decentralized financial landscape will transform capital markets and business organizations with long-lasting impact.
Company name: COBINHOOD LTD.
Company site: https://cobinhood.com/
Company contacts: Joanne Chang PR Direct
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