On Friday (19 October 2018), XRP and XEM were listed on zero-trading-fee crypto exchange COBINHOOD; also, margin trading (though not for XRP and XEM) was introduced on the same day.
COBINHOOD was founded in 2017 by Popo Chen and Wei-Ning Huang, and it is advised by Tony Scott, a former U.S. Federal Chief Information Officer. As well as a spot fiat-crypto exchange, it offers an end-to-end ICO advisory service (which guarantees a listing on the exchange following the conclusion of the ICO).
COBINHOOD has its own ERC20-based token: COB. One future benefit of holding COB tokens is that using COB tokens to pay for withdrawal fees will give users a 50% discount; according to COBINHOOD’s help section, “COB tokens that COBINHOOD will receive from users’ withdraw transactions will not be returned to the circulating supply, instead, these COB tokens used as withdraw fees will be burned, quarterly.”
On October 12th, COBINHOOD announced on its Medium blog that XRP would be listed on October 19th. There are two XRP trading pairs: XRP/BTC and XRP/USDT. As for NEM, the blog post said that it would be listed on the same day as XRP, and that the following two trading pairs would be on offer: XEM/BTC and XEM/USDT.
October 19th saw the wide release of two other features: margin trading and peer-to-peer (P2P) margin funding. COBINHOOD users can now margin trade (no additional fee) with 3X leverage for the following pairs: BTC/USDT; ETH/USDT; and COB/ETH. Margin funders can “provide cryptocurrency funds to margin traders in return for interests earned on the funding amount provisioned”; the four cryptocurrencies thst can be offered are COB, BTC, ETH, and USDT.
It is important to note that unlike some other zero-fee crypto trading services (such as ‘Robinhood Crypto”), COBINHOOD also exporting of any cryptocurrency it holds in custody for you to any (appropriate) wallet address you choose, and although they do charge withdrawal fees (e.g. 0.007 ETH in the case of ether withdrawals), COBINHOOD says that it does not “does not profit from withdrawal transactions” and “these fees will go to the miners who are responsible for maintaining the network.”
Featured Image Courtesy of COBINHOOD
