EXCLUSIVE — Cryptocurrency exchange platform Cobinhood goes live today, as it gears up to launch its first digital wallet in the coming months.
The online platform already has 40K signups, according to its Chief Executive Popo Chen, who told Bank Innovation the goal behind the platform is to allow traders more return on investment (ROI) by not charging trading fees.
Instead, the company relies on revenue from its underwriting service for companies taking part in ICOs (Initial Coin Offerings), a service it provides to only the few that meet its due diligence criteria.
“It’s almost like a consulting service,” Chen said. “But the company we underwrite has to be established with a value of at least $200 million, and its tokens must be tradable. Once we go through the due diligence and decide to underwrite a company, we handle everything from compliance and regulation to marketing and PR, among other things.”
Its most recent example is the ICO of blockchain-focused P2P commercial platform, CyberMiles, established in partnership with Dallas, Texas-based mobile marketplace 5miles. Chen explained the target was able to raise $30 million in ether in one day.
As for the trading platform that launched today, Chen hopes that its high frequency, zero fees, and easy interface will give traders a better experience and better customer service.
The platform allows anyone to monitor and trade bitcoin and ether. It will be available as a mobile app on both Android and iOS this week, as well.
In the next quarter, Cobinhood will launch a digital wallet, which will support credit card and fiat deposit methods for cryptocurrency trading.
“Our wallet service will help people understand cryptocurrency and join the crypto world easily,” Chen said.
Additionally, Cobinhood is currently in the process of applying for cryptocurrency trading license in the U.S. Included in this process, is New York’s notoriously hard-to-procure, BitLicense.
Based in Taipei, Taiwan. Cobinhood was launched earlier this year. It recently raised over $15 million in funding.
To learn more about the latest developments in cryptocurrency and blockchain, join us on March 5-6, 2018 at the Parc 55 in San Francisco for Bank Innovation 2018. Click here to register.