The Cobinhood digital currency exchange has revealed that it will be adding new crypto-fiat pairs in an effort to get involved in a much wider sector of the cryptocurrency trading market. The company will enable trading operations between the US dollar and three digital coins namely: Bitcoin (BTC), Ethereum (ETH) and Tether (USDT).
Cobinhood stated that it has received approval for its Level 3 know-your-client (KYC) requirements before incorporating the fiat options. Still, the exchange did not disclose what this level comprised of, which regions and services it has in its range and with which entity gave them its certification.
The fiat-crypto service was initiated through a collaboration with Epay. The founder of Cobinhood, Popo Chen, revealed in an official statement the following:
“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 founded in 2017 and now featured on its platform trading in pairs with Bitcoin (BTC), Ethereum (ETH), Tether (USDT) and its native Cobinhood coin (COB). The exchange offers trading support for over 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).
Cobinhood, which touts itself as a “zero free cryptocurrency exchange”, has a trading volume of over $1 for the past day. Compared to this, the leading “no-fees” exchange which is BitMEX has more than $4.2 million in volume.
Last week, Cobinhood implemented a beta margin trading service which is used to test the functions before it was publicly launched. The team also launched a decentralized blockchain platform named Dexon in partnership with the hedge fund IDG Capital.