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Business & Finance

COSS.io to Support Institutional Accounts Soon, Says the CEO

The chief executive officer of the singapore-based cryptocurrency exchange COSS.io, Rune Evensen, has announced major updates in the framework of COSS in an official newsletter. The major changes being added to the COSS framework range from team extension, COSS 2.0, roadmap for 2019, API updates, a fee structure for trading, promotions, market endeavors and credit card payments.

The CEO announced that a large group of developers at the organization has started working on building COSS 2.0 and new team members will also be joining the team at the COSS HQ. The roadmap for 2019 is also being finalized for 2019. As per team, many will be working on the project remotely from India. The number of team members in the Malaysian team has increased fro 3 to 4, with 2 developer starting in Singapore this week.

According to the letter, issues regarding the APIs for the framework have also emerged on the surface. The current engine of COSS is not being able to handle no limit API as of yet. The CEO stated that more robust monitoring and control tools are needed before releasing the APIs on a bigger scale.

The CEO has also stated that the company has also been receiving requests for institutional and corporate accounts. Regarding the institutional accounts, new trading structure will be deployed with higher trading volume support. To attract more traders on the platform, the fee structure will be also be changed. It is stated in the letter by the CEO:

We have been receiving multiple requests for institutional/corporate accounts, and are looking forward to launching them. The flow and procedures are at the final stage, and parts of the team are working on the implementation and deployment. With Institutional accounts, we will also introduce a new trading fee structure for accounts with high trading volume. The trading fees will not go above the current 0.2%. We will add different charges from the order maker to the order taker with the highest levels being at ZERO fee for order makers. The current fee structure limits will also change. Lower fees for order makers will intensify activity on the exchange and attract more traders.

Promotional rewards will also be provided for newer accounts after making their first trades and successful KYC verification. It is also announced that the support for payment through credit card will be added soon.

The letter also addressed the concerns shown by the node users after a result of system upgrades and forking. The fixes made to the system were termed essential for wallets to function properly and for the launch of the new wallet system. New listings and trading promos are being shaped up and will be announced soon, the letter stated.

These major upgrades in the COSS system sure seem to provide just the right things needed at the moment for its growth and overall development.

Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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