Things are finally looking up for the crypto market: We’re out of the bear pit, and BTC has even crossed the $8000 mark. But this doesn’t mean that the industry can relax and celebrate: Crypto exchanges remain inefficient, opaque, and vulnerable. CoinCasso – a new hybrid exchange – sets out to correct these flaws with its upcoming 2.0 update.
Crypto exchanges: the trade-off between speed and security
Over the past 12 months, we have seen ample proof that centralized exchanges, such as Binance and Bitfinex, still cannot provide their users with proper transparency and security for their funds. The recent Binance hack, the $500-million theft from the Japanese exchange Coincheck, and the $140 million missing from the Canadian exchange Quadriga after the death of its founder are just three examples. Clearly, crypto exchanges think much more about maximizing their trading volume than about data security. When depositing funds in an exchange account, users are taking a leap of faith: There is no way to know how the exchange protects these funds. Add to this price manipulations; the closed, unannounced sales of new tokens; pumps and dumps; and front running – and you get a grim picture.
So why do so many traders use centralized exchanges? Because they’re fast and offer many handy features, such as margin trading, stop-loss and take-profit orders, and a large number of currency pairs. The main alternative to exchanges like Binance – so-called decentralized exchanges, or DEXs – are more secure and let you retain full control over your funds, but they are slow and clunky and offer poor functionality. In addition, both types of exchanges have another issue in common: They generally lack fiat currency support, which frustrates many newbie users. The sheer difficulty of moving from fiat to crypto and back to fiat prevents a wider adoption of cryptocurrency.
Introducing CoinCasso: fiat currency support and a profit-sharing program
The idea to bring together the best features of centralized and decentralized exchanges is not new, but the recently launched project CoinCasso takes it the furthest. The exchange is already fully operational and is now working on its 2.0 release. Luke Ozimski, co-founder and CEO of CoinCasso, explains: “Until people can easily use their fiat money on crypto exchanges, cryptocurrencies will remain a curious financial instrument for the technically advanced. All the hundreds of blockchain projects that promise to disrupt various industries are worthless unless their users can seamlessly switch between crypto and fiat. That’s why at CoinCasso, we aim to integrate many different fiat currencies.”
CoinCasso also plans to address the issue of transparency, letting its users decide which new tokens should be added to the exchange. On CoinCasso, projects do not have to pay exorbitant fees (suspiciously resembling bribes) to get listed, like they do on exchanges like Binance. What’s more, CoinCasso shares its profits with its members, essentially making them co-owners of the platform. This is a first for the industry, as most leading players are criticized for being greedy: The high profit margins and high fees charged by exchanges like Binance have little to do with Satoshi Nakamoto’s vision of cyber democracy. The first round of profit distribution will begin shortly after the launch of CoinCasso 2.0 and will require users to stake their CCX tokens.
What’s next for CoinCasso?
Apart from working on adding more fiat currencies to the exchange, CoinCasso’s developers are currently preparing several major new features. One is IEO functionality: CoinCasso will assist promising projects in launching an initial exchange offering and listing their assets on the exchange.
Another upcoming novelty is over-the-counter trading (OTC), a feature that will make it possible to exchange fiat currencies and digital assets between two parties outside of the exchange. Essentially, it’s a secure P2P trading service that will strengthen CoinCasso’s hybrid profile. Finally, the CoinCasso mobile wallet app is ready for launch and will provide secure digital asset storage and fast transfers.
More information is available on www.coincassogroup.com.
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