What Is COBINHOOD (COB) & Why Is It Up 83% Today?

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What is COBINHOOD

2017 was a monstrous year for cryptocurrency, as it became adopted more mainstream and many investors began jumping in on the emerging assets. In January 2017, the total cryptocurrency market cap was around $7 billion and by July, the market was worth around $110 billion, growing nearly 1,600%. Currently, the total market cap of all cryptocurrencies’ is $739 billion, up $10,464.97 percent, in just a years time.

By those numbers above, cryptocurrency has become a tremendous investment opportunity for the savvy investor or day trader.

Bitcoin, the world’s first digital currency, and many of the other major altcoins grew well above 1000% each, last year. The biggest hurdles currently that the market has faced has nothing to do with its underlying blockchain technology or adoption but has everything to do with the exchanges in which they are traded. The biggest reason for the largest price plunges of a cryptocurrency last year was a result of a major exchange complications.

Cryptocurrency has already well-passed stocks in daily trading volume, but the exchanges used are extremely difficult to navigate and aren’t the safest. Additionally, the main exchanges used have completely non-existent customer service and extremely high trading fees.

This is where Robinhood could save the day.

COBINHOOD

Alright, so I’m sure you’re wondering what they do differently. Robinhood was created for the average institutional and retail investors, as well as the day-traders. The biggest differentiator is that it is the world’s first FREE high-frequency digital currency exchange. Yes, that’s right, free.  Cobinhood eliminates the fees that are applied to both margin and spot trading, applied by the other exchanges.

It also offers initial coin offering (ICO) underwriting services, for startups seeking guidance.

However, when its ICO was in full-swing it offered support for 17 different cryptocurrencies but now, it currently only holds Bitcoin (BTC), Ether (ETH) and its own digital token Cobinhood (COB).

It’s a fairly easy system to navigate but what I’ve found is you have to apply its Level 3 account if you want to purchase both BTC, ETH, or COB on its platform. Each level placed, has a limit as to how much cryptocurrency can be withdrawn in a days time. The level 3 account, allow you to pull actual currency from the system.

While it’s not as easy as they claim to sign up for its exchange, which I’m sure we’re all used to as most exchanges are nightmares, to begin with, the cobinhood platform does offer something most exchanges do not have. The platform is able to process more than a million transactions per second.

With its fast speeds, it requires hefty protocol and the platform requires all online transactions to have a two-factor authentication and each customer has a multi-signature wallet with 8 hardware security modules (HSMs) and in order to submit a transaction offline, 5 out of 8 of the HSMs must be verified. Additionally, like Coinbase, Cobinhood offers all assets to be fully covered by insurance.

Cobinhood’s other big focus is customer experience and service. I’m sure most have noticed that all of these exchanges used now have virtually no customer service and any questions in regards to your account are answered via bot. The company’s CEO has fixated on this issue and believes this is another big differentiator from its competitors. I don’t know about you but this is my biggest headache while trying to invest or trade cryptocurrency.

The Shake Down

With the current exchanges being the main issue of the cryptocurrency market, Cobinhood’s new features are a breath of fresh air and can hopefully fix a shaky system. Currently, Bittrex and Binance are no longer taking new investors due to issues with their systems. Coinbase is also having problems with its backlog of transactions and ID verification process. If you currently looking into buying either ETH or BTC to hold, to potentially trade on binance in the future, this might be a great option for you. As the company has just launched, any issues that you may have will be dealt with by a person and not a bot.

Why Cobinhood is rising might have to do with the fact that its CEO, Popo Chen, just did a major interview discussing his platform with Huffington Post. If you are looking to invest in an altcoin that could potentially blow up, COB might be just what you are looking for.

Currently, Cobinhood is the largest gainer for the day, trading at $1.23 a coin, up 83.08% in 24 hours time.

Featured Image: twitter