Zero-fee digital currency exchange COBINHOOD has announced the launch of US dollar trading, enabling conversion of the legal tender into digital currencies and vice versa on the platform. Dollar deposits are being accepted from July 20th.
The announcement follows the creation of the DEXON Foundation by the exchange last month. The foundation was formed to support the DEXON blockchain technology, a “blocklattice” on which DApps could be created much easier than preceding decentralized networks.
Although the US football player Richard Sherman-endorsed exchange is a distinct, business entity, it is the sole ICO services partner of the DEXON Foundation as well. Fiat trading on COBINHOOD has now enabled investors to purchase and sell tokens for tether, ether and bitcoin, as well as a large number of other options, including digital currency DEXON, in the future.
COBINHOOD founder Popo Chen said, “In several instances, the market is not reflecting tremendous progress being made at cryptocurrencies worldwide.
“Traders know there are opportunities abound for value, so it’s a very synergistic time to debut fiat trading on the COBINHOOD platform. 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.”
Before the USD trading announcement, the exchange has been working in the background to ascertain that Know-Your-Customer (KYC) requirements are met. To be specific, the exchange meets KYC Level 3 to run in some of the most rigorous regulatory jurisdictions worldwide. COBINHOOD says that in order to offer fiat trading, it chose Epay as the payments partner because Epay understood the huge stakes.