Singapore-based exchange becomes one of the few exchanges in the world to introduce such a programme.
17 July 2019, Singapore – Singapore-based COSS – an established digital asset exchange – has implemented a negative maker fees programme for all its traders. This makes COSS one of the few cryptocurrency exchanges in the world to incentivise traders for adding orders on the order-books.
The implementation comes days after the exchange added 0% maker fees – waiving off all trading fees for those acting as market makers of orders during trading.
COSS is popular among its users for being extremely community-oriented. The negative maker fees has been introduced in response to user requests, while also making sure the exchange continues to earn a healthy revenue from trading.
The exchange allows its users to claim 50% of all trading fees generated daily under a unique Fee Split Allocation programme. In addition to the above, COSS provides discounted trading fees to traders who pay fees with the exchange’s native token, like Binance, Huobi and many other top global exchanges.
Sankalp Shangari, Group CEO of COSS, shares more regarding this update:
“We are in the process of building the best global trading experience. As part of our continuous feedback-and-action style of working, we gather user feedback and incorporate it in our business and product strategy. It is important for us to make sure new traders on the exchange get one of the best trading platforms to use.
“The negative maker fees implementation will allow for enhanced liquidity and better price discovery for assets on our exchange. We are restructuring our listing processes, and scouting for the best blockchain projects in the world to make COSS their home exchange.”
Founded in early 2017, COSS was launched with a vision to be a global Crypto One Stop Solution – a time when cryptocurrency assets had still not received the attention of the masses. The exchange merged with Arax, also a Singapore-based fintech startup, which has created a multi-asset wallet that focuses on utility and spending of digital assets. The merged entity has adopted the COSS vision and brand name, and Arax is now known as COSS Wallet.
Rune Evensen, Chief Product & Strategy Officer of COSS, explains:
“Incentivising market makers is an important strategy for us. It is aimed to allow large market makers to trade on our platform. This update has been a long time coming, and we are glad to introduce it as one of the first major updates during our resurgence.”
If you would like to arrange an interaction with a spokesperson or know more about this update, please contact: Satyarth Mishra – [email protected]
COSS is a Singapore-based digital asset platform which serves as a one-stop solution for enabling the modern economy. The COSS platform consists of an exchange supported by a fiat gateway, a multi-asset wallet, crypto utility services, a platform for IEO launches and promotions and a digital asset marketplace. COSS is a member of the Singapore Fintech Association and Ethereum Enterprise Alliance. Visit https://www.coss.io/
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