Highly Anticipated But Slowed Simmer Causes COSS Trading Exchange to Undergo Makeover
Singapore-based COSS Exchange is set to undergo a major revamp that will improve the existing infrastructure and add new functionalities to the trading platform. This upgrade is expected to transform COSS into one of the world’s most advanced cryptocurrency exchanges.
The standout feature of the update is COSS engine 2.0. This addition has the ability to scale efficiently such that it can effortlessly process 1 million transactions per second. Essentially, the COSS engine 2.0 emphasizes on speed and reliability to streamline the trading experience even with a large number of concurrent users.
The COSS API is equally as exciting and has already been approved by CCXT, the biggest API trading community in the world. Thus, COSS will join leading digital asset trading platforms such as Binance, Bittrex and Bitfinex as one of the few exchanges to possess CCXT certification. As a result, COSS will gain invaluable exposure to an array of trading bots, a factor that could potentially increase the liquidity of the exchange.
Rune Evensen, the CEO of COSS, said that they were excited by the positive reaction their clients have shown towards the revamp. He believes that this will drive the platform to develop features that make it outstanding in the fiercely competitive crypto trading sphere.
Before the update, one of the most attractive features of the COSS exchange was Fee Split Allocation (FSA). This functionality rewarded 50% of all transaction fees to COSS token holders using smart contracts. Essentially, all COSS token holders were assured of receiving rewards even without active trading.
As expected, the COSS upgrade will introduce lots of new features, which include;
- Fiat trading pairs – allows users to buy digital assets using fiat money. The US dollar will be used via a custody solution, while the Euro and the Sterling Pound will be used through bank cards.
- Stop Loss – this feature protects clients from incurring losses beyond a predefined level.
- Trade-on Graph – allows users to enjoy an immersive trading experience by trading directly on the chart.
- Debit Card and Exchange Integration – enables users to link debit cards to the COSS exchange. This allows them to purchases items using their cryptocurrency holdings.
- Institutional Accounts – a service aimed at onboarding institutional investors into crypto trading.
- E-learning and Quick Buy – a training module for aspiring crypto investors.
Other features that are currently in development include;
- Basket Trading – allows users to invest in multiple digital assets simultaneously as a means of diversifying risk.
- Multiple Timeframe and Comparison Charts – simplifies the analysis of crypto markets.
- Portfolio Watch list – allows investors to monitor price movements concerning their portfolio assets.
- Dynamic Withdrawal Fee – enables users to choose the fee they wish to pay for withdrawals from COSS.
- Network Status – provides a real-time feed showing the performance of various virtual currencies.
Putting the rebuild aside, the COSS exchange is also working hard to acquire a license from Singaporean authorities.
The company is working closely with the Singapore Cryptocurrency and Blockchain Industry Association on this front. Also, Evensen stressed that COSS has always prioritized compliance and aims to be among the first fully regulated exchanges in Singapore.