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COSS Exchange Introduces Negative Maker Fees

Fabiola S. Arcuri

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Singapore based COSS – a leading digital assets exchange – has implemented a negative maker fees programme for all its traders. This makes COSS one of the few top cryptocurrency exchanges in the world to incentivise traders for adding orders on the order-books.

The implementation comes days after the exchange added 0% maker fees – waiving off all trading fees for those acting as market makers of orders during trading.

COSS is popular among its users for being extremely community oriented. The negative maker fees has been introduced in response to user requests, while also making sure the exchange continues to earn a healthy revenue from trading.

The exchange allows its users to claim 50% of all trading fees generated daily under a unique Fee Split Allocation programme. In addition to the above, COSS provides discounted trading fees to traders who pay fees with the exchange’s native token, like Binance, Huobi and many other top global exchanges.

Sankalp Shangari, Group CEO of COSS, shares more regarding this update:

We are in the process of building the best global trading experience. As part of our continuous feedback-and-action style of working, we gather user feedback and incorporate it in our business and product strategy. It is important for us to make sure new traders on the exchange get one of the best trading platforms to use.

The negative maker fees implementation will allow for enhanced liquidity and better price discovery for assets on our exchange. We are restructuring our listing processes, and scouting for the best blockchain projects in the world to make COSS their home exchange.”

Founded in early 2017, COSS was launched with a vision to be a global Crypto One Stop Solution – a time when cryptocurrency assets had still not received the attention of the masses. The exchange merged with Arax, also a Singapore based fintech startup, which has created a multi-asset wallet that focuses on utility and spending of digital assets. The merged entity has adopted the COSS vision and brand name, and Arax is now known as COSS Wallet.

Rune Evensen, Chief Product & Strategy Officer of COSS, explains:

“Incentivising market makers is an important strategy for us. It is aimed to allow large market makers to trade on our platform. This update has been a long time coming, and we are glad to introduce it as one the first major updates during our resurgence.”

Communicator, Bacon trailblazer, Entrepreneur. If you have any questions or comments please feel free to email her at [email protected]

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Exchanges

Crex24 Will Require KYC Verification

June G. Bauer

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Crex24 KYC Verification

Crex24, cryptocurrency exchange will require European Union users to go through a KYC process by uploading a valid government ID and their Social Security numbers, so the exchange can comply with the European Anti-money laundry (AML) rules. This will take effect on January 1st,2020.

It is not uncommon for cryptocurrency exchanges and wallet providers to ask for KYC (Know your Customer) documents to verify users’ identities. Most crypto Entities engaged in exchanging between virtual and fiat currencies are required to comply with the AML rules. Depending on each situation, failure to comply with KYC and AML requirements may result in suspension of license, or in some cases severe penalty.

Crex24 exchange has been operating since 2017 and based in Cyprus. CREX24 uses two-factor authentication (2FA) as well as encrypted connection. the exchange supports Visa/MC, Perfect Money and Epay for deposits. Perfect Money for withdrawals.

Crex24 exchange 24 hours trading volume is $1,876,550.01 (252.89 BTC), it currently supports 570 cryptocurrencies and 846 market trading pairs.

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Exchanges

CryptoBridge Exchange Is Shutting Down

June G. Bauer

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Cryptobridge-Exchange-is-Shutdown

CryptoBridge, the decentralized cryptocurrency exchange has posted a front page announcement on the exchange’s main website stating that it will be shutting down its trading services by December 15.

CryptoBridge Shutdown Notice

All the exchange’s users will have to withdraw their funds before the deadline, but in order to do so they will have to submit their KYC documents for verification purposes to follow the new exchange’s rules

CryptoBridge is a decentralized cryptocurrency exchange (DEX) that was established in late 2017. The platform operates using the BitShares network, which features a processing capacity of 100,000 transactions per second and does not store the private keys of their user’s funds.

Decentralized Exchange is called a market ecosystem in which sellers and buyers coexist without relying on a third-party service to retain customer funds, exchanges occur directly between users (P2P) through an automated process. The transactions resulting from their exchanges are recorded in an accounting book, distributed in each node that participates in the network.

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Exchanges

$50 Million in Cryptocurrency May Have Been Stolen From Upbit Exchange

June G. Bauer

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UpBit-Exchange-Hacked

Multiple sources have claimed Upbit, the largest cryptocurrency exchange in South Korean, may have been hacked after 342,000 Ethereum ($50 Million) coins transferred out of the exchange’s wallets to unknown wallet. The exchange platform went into unscheduled maintenance right after the transfer.

Cryptocurrency monitoring service “Whale Alert” has recorded the following transaction:

The above ETH transaction might indeed be a hack: the TX was sent with a gas fee of 1000 gwei (100x the price for a “fast” transaction). This person wanted to be 1000% sure the TX goes through ASAP. No exchange ever sends a TX with this fee.

The exchange have posted the bellow notice on its website:

This is a developing story, we will keep you updated about this alleged security breach.

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