COBINHOOD cryptocurrency exchange platform launched a new service that permits cryptocurrency-to-fiat trades. For the moment, the platform will only allow crypto/USD trading pairs, but it will add more fiat currencies in the future. The move COBINHOOD made is in line with its new programme to enhance its services in the emerging cryptocurrency market.
COBINHOOD, which is a zero-fees cryptocurrency exchange platform, now allows its clients to exchange cryptocurrencies to USD, and vice-versa. Before this move, the platform only permitted crypto-to-crypto tradings. According to the company’s official announcement, deposits in USD will be available from July 20th onwards.
During the implementation processes for the new cryptocurrency-to-fiat trades feature, the platform is hard working to respect the regulatory statuses that regard cryptocurrencies exchange platforms. For that, COBIHOOD implemented KYC (Know-Your-Customer) protocols of Level 3 which permits the platform to operate in every financial jurisdiction in the world.
COBINHOOD to allow cryptocurrency-to-fiat before the cryptocurrencies prices increase predicted for 2019
Cryptocurrencies market analysts predicted that cryptocurrencies prices would surge in 2019, even though lately the market is bearish, as the cryptos are declining since January 2018 following the uptrend of December 2017.
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.
Popo Chen, COBINHOOD founder
The emergence of institutional investors in the cryptocurrencies market would positively impact the cryptos prices which might surge as it happened in 2017.
In conclusion, COBINHOOD cryptocurrency exchange platform made its move to introduce cryptocurrency-to-fiat at the right moment, before the predicted cryptocurrencies prices surge of 2019.
Ian Kennedy is the newest contributor to Crypto Daily Gazette. He enjoys running, practicing minimalism and cooking. Ian is a graduate of Wesleyan University in Connecticut where he studied journalism, Arabic and international affairs. Ian mostly covers stories concerning emerging blockchain technology.