As originally intended, traders who hold COB tokens in their COBINHOOD Exchange account are entitled to receive these benefits:
- COB token holders will be able to get future ICO tokens COBINHOOD underwrites at significantly lower rates.
- 50% off margin trading loan interest can be availed when paid with COB tokens.
While margin trading on COBX is currently in the works, we are happy to introduce some of the benefits that we are rolling out.
COBINHOOD has always put the traders’ best interest in mind (hence, the zero trading fees and highly-secured exchange structure) — and the COB token supplements this goal.
Have a look at what’s in store for you, the COB holder, who’ve been supporting us since the ICO and hopefully, for many years to come.
1. Pay withdraw fees with COB
COBINHOOD Exchange account holders can use COB tokens to pay for withdrawal fees. Using COB tokens to pay for withdraw fees will give users 50% discount when withdrawing (e.g. if original fee is 0.007 eth= 0.00056 BTC=5.38 USDT=59 COB, then the discounted withdraw fee using COB is 29.5 COB).
Refer to here to check the current withdraw fees.
Users can turn this option on or off depending on their preferred cryptocurrency they want to use to pay for withdraw fees, which will go into maintaining the network.
2. COB tokens will be burned, quarterly
In relation to using COB as withdraw fees, the COB tokens that COBINHOOD will receive from users’ withdraw transactions will not be returned to the circulating supply, instead, these COB tokens used as withdraw fees will be burned, quarterly.
3. COB requirement for every trading contest
While this is already a requirement for some trading contests we have launched, moving forward, every kind of trading contest we will launch will require participants to have some COB holdings in their account, or they will not be able to participate in this big-reward trading contests.
Each trading mission might have different contest criteria (net deposit volume, net trading volume, etc.), but having COB tokens on your COBX account will remain a constant factor in consideration for who will win these contests. The current “COB Factor” system will also be tweaked to make the COB token more beneficial for participants who join these trading contests.
4. Receive rewards using your COB through the airdrop missions
Starting now, all airdrop center missions can only be participated by COB holders, which began with the SHIPING Mission Beta.
Moving forward, your COB will come in handy to participate in all airdrop missions.
Other new COBINHOOD Exchange benefits
On top of the main benefit of having zero trading fees on COBINHOOD Exchange, here are new trading benefits you can use to your advantage as a trader on COBINHOOD Exchange.
1. No withdraw fees for COBX-COBX asset transfer
Transfering coins or tokens from your COBINHOOD Exchange account to another COBINHOOD Exchange account is now free of charge. All internal transfer of funds within COBINHOOD Exchange account holders will be zero fees starting now.
2. Security reinforcement
Our top-notch security measures set COBINHOOD at a different playing field than other platforms. The new feature, detailed below, will not only benefit your COB tokens but all the assets you hold in COBINHOOD Exchange.
We are pumped to announce that we have tapped Hackerone to make our platform even more secure, on top of all the security protocols that are already implemented.
As stated on their website:
HackerOne is the #1 hacker-powered security platform, helping organizations find and fix critical vulnerabilities before they can be criminally exploited. More Fortune 500 and Forbes Global 1,000 companies trust HackerOne to test and secure the applications they depend on to run their business.
That is why we encourage responsible disclosure of security vulnerabilities on our platform through the bug bounty program described on our page on Hackerone.
If you’re interested to participate in this security bounty, just go to our Hackerone page.