Cobinhood, a cryptocurrency exchange known by its zero fee trading policy, has announced that they will be introducing fiat purchases/withdrawals in their platform, to further increase their foothold in the cryptocurrency market, and to facilitate the entrance of new users to cryptocurrency trading. This, according to information in a press release published in PRNewsWire.
Cobinhood was the world’s first zero fee cryptocurrency exchange, even before Robinhood, another zero-fee cryptocurrency exchange, announced cryptocurrency trading as one of their services. With this move, they expect to be more relevant in the market, by offering new traders the opportunity to buy and withdraw cryptocurrencies with their dollars.
Cobinhood is what is known as a “pure crypto exchange”, meaning that to trade in their platform, you would have to buy cryptocurrencies beforehand with a company like Coinbase; but starting July 20, users will be able to do it from the same exchange webpage. Of course, for this to happen, they have to comply with more extensive and tight identification and money laundering local policies, but it seems that they have cleared all the difficulties to offer this new service.
About this important development for them, Cobinhood’s CEO and Founder Popo Chen declared that because of the consistent drop that has assaulted the market since December, people are failing to see the great opportunity that cryptocurrencies offer to new traders. About this, he stated:
“IN SEVERAL INSTANCES, THE MARKET IS NOT REFLECTING 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.”
They will offer this new useful feature in partnership with Epay, a payment platform that will act as a middleman for these payments. Good news for new traders looking to get into cryptocurrency trading with the lowest fee possible: zero.