Poloniex Exchange Adds Cosmos Atoms Tokens to Be Tradable and Redeemable
Customers of the Poloniex exchange can now trade and redeem Atoms without any hassle. Poloniex, one of the world’s largest cryptocurrency exchange platforms, and indeed the only one where ICO participants are free to redeem their tokens, just sanctioned the service.
Deposits, withdrawals, and ICO redemptions for Cosmos Atoms are now live! ATOM/USDC, ATOM/BTC & ATOM/USDT markets are currently open.
— Poloniex Exchange (@Poloniex) April 22, 2019
Atoms, Cosmos Network’s native tokens, are now redeemable on the San Francisco-headquartered exchange. This mega development comes at a time when the exchange, popularly called Polo, became a pioneer in allowing participants of the Cosmos ICO to preview their token balance. The whole decision though was granted a go-ahead by the Cosmos governance.
The idea behind the creation of Cosmos is exciting. Apparently, the platform was designed to form a network of different blockchains which will freely interact with each other through Tendermint Core – a special engine. Basically, the main idea behind the project is to rectify the various interoperability and scalability problems that still hinder the adoption of Blockchain apps.
How To Redeem Cosmos Network’s Atom Tokens On Poloniex
First, you must have registered with Poloniex and activated your account. With a Poloniex trader account, trading or transferring your Atoms is a simple and straightforward procedure. If you are a Cosmos ICO participant and you would like to redeem your tokens, the following is the simplest procedure:
- After signing into your account, open the Deposit and Withdrawal Page. At this stage, however, it is important that you confirm the website address and ascertain that it is the correct Poloniex.com URL and not a phishing website.
- At the Deposit and Withdrawal page, find Cosmos and on the ‘Redeem’ tab. You’ll be required to key in your unique seed phrase in order to continue.
- After you’ve entered the phrase, you will then view your full Atom token balance, the network fee as well as the total Atoms you can redeem.
Important To Note
The Poloniex exchange seemingly has the concerns of the customer at heart. This is evidenced by a safe and secure way through which one can claim their tokens. The platform’s cutting-edge security, two-factor authentication is laudable.
Incredibly, the seed phrase can’t be stored anywhere – whether it’s on the browser or at the exchange. The role of this unique phrase, however, is to let the browser identify the specific user’s Cosmos public address before displaying the total redeemable Atoms.
When it comes to redeeming them, however, the browser digitally signs a transaction, a procedure that effectively allows the funds to move into the address on Poloniex. What only remains in the network are the user’s public key and the special signature.
Poloniex Is Revamping Their Systems
Getting Cosmos Atoms into their operations is just one of the several developments that the exchange is undertaking. Other changes involve those geared towards reducing lags and latency and upper trading speeds by 10 times. They’ve also added support for Grin, FOAM, and Livepeer, besides allowing non-US traders the convenience of margin trading.