Even With Controversy Surrounding FCoin, Platform Opens New MIOTA Deposit
As soon as FCoin hit the cryptocurrency world, it easily got the attention of investors, and allowed users to trade only recently in May. The high transaction volume enticed users, even though it somehow was not enough to be recorded on CoinMarketCap. In a post on Twitter from FCoin, they unveiled that they now have an IOTA (MIOTA) deposit. The tweet said, “IOTA (MIOTA) will be listed at 16:00 on July 28, 2018(UTC+8) and open the IOTA/USDT trading pair in the Main Board A of FCoin.”
The creator of the exchange, Zhang Jian, formerly worked as the CTO of Huobi, which received a lot of backlash, specifically focusing on the revenue model. This mining model basically lets exchanges provide their own tokens as incentives to trade with it. As a result of this protocol, FCON released the annoucement on Twitter that EOC trading pairs would also be included in the changes.
In spite of the criticism, investors may see this as a positive change. Right now, MIOTA is priced at $1.02, though the market cap is just $2.83. With this model, there is been an impressive amount of trading on the platform, which amounts to $275 million right now. While these actions still seem helpful to investors, Binance CEO Changpeng “CZ” Zhao believes that the platform is taking advantage of the participants on the platform.
Like any other exchange, there is a transaction fee of 0.1% of the total amount that was traded. The majority of these transactions are performed with Bitcoin or Ethereum. At the end of business each day, the balance that the user exchanged is converted into FCoin. It looks like this conversion means that the user is exchanging at no fee, but it is just a trade for another token.