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Arax

UPDATE - 10 July 2019

Update

Hello, everyone. It has been an exciting past two weeks and we are here to share what we have been working on lately. In today’s update, we discuss the following:

  • Negative maker fees
  • SPIKE listing
  • COS Swap Update
  • Delisting of projects
  • Optimisation of pairs
  • COSS Wallet app updates
  • Node fixes
  • FSA structure & dust conversion
  • Bug fixes and improved operations
  • Exchange liquidity and developments around it
  • Listing new and popular projects
  • The mobile app

Before we go into today’s updates, we want to take a moment to go into some of the events that happened since our last Medium update.

– Negative maker fees was promised and is being implemented tomorrow, 11th July at 11.30 am GMT +8. For more information, please read the full Negative Fees announcement.

Clarification: The levels are to be considered as ranges like 0–500,000, 500,001–1,000,000 and so on. The numbers you see in the table are the higher threshold number in each level.

A counter to track the volume on your individual accounts will be implemented in August.

  • Spiking’s SPIKE has been listed on our exchange. There was a joint announcement on the 6th of July as well as a facebook video between Clemen and Rune, and we are now into the 3rd day of the listing and trading promo. 5 million SPIKE is up for grabs!

– COS token withdrawals have been successfully implemented. If you prefer to store your COS tokens on an external wallet and still receive your daily FSA, please refer to our guide. The swap has been going smooth and we have been watching very closely. At the point of writing, there are about 175 million COS tokens in circulation. Do take note that CMC has not updated our circulating supply; their site still shows up as 119 million.

If you had transferred your COS to the same wallet as you used for COSS and had setup the identifier, you do not need to do anything. The external identifier needs to be setup for wallets not previously mapped with the same.

– We are delisting the following projects on our exchange. Trading was stopped on 28th June for all the following tokens:

FYN — FundYourselfNow

SENC — Sentinel Chain

STX — Stox

CAN — Canyacoin

OPQ — Opacity

TRAK — Trakinvest

ITT — Intelligent Trading Foundation

NOX — Nitro

PIX — Lampix

VZT — Vezt

Withdrawals of these coins and tokens from COSS will continue to be supported until 11.59PM GMT+8, 28th July 2019. Please make sure that any above tokens that you are holding in ANY of your COSS accounts, are transferred or withdrawn, including your FSA accounts.

– As mentioned earlier, we have taken steps to delist non-performing pairs. Pairs optimisation is next on the agenda and goes hand in hand with liquidity and volumes. We will be cleaning up the trading pairs on the exchange, and this is scheduled to be done after negative maker fees implementation. This process will be undertaken by the token review team, and it will be a continual review process from now on.

Concurrently, our token review team has also reached out to some of the listed projects on our exchange to maintain minimum volumes, while we also discuss possible promotions with them to bring in their respective communities.

– Our multi-sig warm wallets have been updated on 28th June. This is not a visible change for you, but it is an important part of our ongoing upgrade process. We are continuously working on enhancing the security of these wallets by putting proper policies, rules and structures in place.

– We published the first letter by our CEO, Sankalp, addressing the joint community. This will be the first of his monthly updates, and Sankalp will be outlining our plans, vision and mission for COSS in these letters. If you are interested in the direction of COSS post-merger, this is a letter you will find informative.

– Arax wallet has been rebranded to COSS Wallet. This marks another step towards the merging of our products into a unified ecosystem. You can find the updated apps on your preferred app stores. Again, this takes a significant marketing and development time to implement but it was an important step towards a unified brand and goal.

– In the latest update, COSS Wallet is upgraded with the following features:

  • COSS Rating: It is a very significant feature as these ratings will determine your eligibility to avail various wallet services. The number of Stars assigned to you will reflect the level of completion of your profile. For example, the second star unlocks mobile credit top-up services. All you need to do is create a COSS ID and verify your mobile number. We intend to implement the features on the exchange as well while designing the mobile experience, in time to come. No timelines yet, don’t run ahead of y/ourselves. 🙂
  • Address books: COSS Wallet now lets you save crypto wallet addresses just like contacts. No need to copy and paste the wallet address of people every time you want to transact cryptocurrencies. This is to make the transfer experience easy. Download the wallet and try out some of the features! While you are at it, don’t forget to use the Nearby GPS transfer function between family and friends.

Now, on to some updates & new developments we are working on:

Node Upgrades: We apologise for the delay in node upgrades for many months. As a first priority for July, we are going to bring BCH and Horizennodes back online, followed by the other nodes in the next few weeks. We will update you of our progress and we are working actively to bring the nodes up as soon as possible. Lisk and Ark nodes have been restored earlier and are fully operational.

New Blockchains: Now that the existing nodes are a priority, we plan the future alongside. To enhance token usage and value, onboard new users, instill liquidity, it is essential that we continue to list new blockchains and their ecosystem tokens. We are working on that as well and will include details in upcoming updates.

New FSA Structure — After implementation of negative maker fees, trading tech team is now working on the new FSA structure that we promised for July / August. The idea is to simplify the FSA structure, fee collection, token allocation and distribution as described in the last update. As for the FSA dustin user accounts, we are considering multiple options, as it needs some dev time. We shall announce the exact details when we are ready to implement these changes.

Bug & Features Fixes: The team has been fixing some of the most common bugs based on feedback from our users over the past few weeks. We are getting the issues resolved in batches. These are being tracked internally and we shall notify the community where possible. These include fixing the ‘failed to submit KYC’ error on the exchange which has been persistent.

The entire operations team has been revamped under the leadership of Ranjit as COO — he has been leading this brilliantly for LALA World/Arax support, feedback and operations functions and now quickly updating the processes for COSS.

Exchange Liquidity — This is the most important task that our CEO Sankalp Shangari, along with Rune, are actively working on every day. Here is a list of things being worked on to address this –

  • Negative Maker Fee — will be implemented on 11th July, 2019
  • New project listings — token listings have begun again and we are adding more in the queue
  • Super Trader Programme — Internal project code-named ‘The COSSanova Programme’ — keeping it under wraps for now but more details soon… watch this space!
  • Listing popular and top tokens but with more depth on order books and planning
  • New blockchains to attract new users and respective communities
  • Marketing initiatives — More details soon, including the much awaited COSSmonaut ambassador and referral programmes to expand into more geographies
  • The mobile app team is working closely with the exchange product team to figure out the best way to synch and enhance the user experience, which will bring lot of much expected upgrades to the mobile app.

Stay tuned for more updates coming your way.

You can expect to hear from us again, soon… 🙂


Join the community at our various channels :

Telegram Announcement Channel: https://t.me/COSSchat

Telegram General Discussion group: https://t.me/myCOSS

Telegram API/Bot Discussion group: https://t.me/COSSAPI

Chinese Telegram General Discussion group: https://t.me/myCOSSchinese

DACH Telegram General Discussion group: https://t.me/myCOSSdach

COSS Info channel (Community managed): https://t.me/COSSinfo2

Facebook: https://www.facebook.com/COSScrypto/

Twitter : https://twitter.com/COSScrypto & https://twitter.com/COSSwallet

Reddit: https://www.reddit.com/r/CossIO/

YouTube: https://goo.gl/hd6tBg

UPDATE: Negative Maker Fees -COSS.io

Negative maker fee

Hello, everyone.

As a step towards improving the trading fee structure for traders on COSS.io, we implemented 0% maker fees on 27th May, this year. This was an interim step towards introducing negative maker fees.

The moment we have all been waiting for… COSS is pleased to announce that negative maker fees will be implemented this Thursday, 11th July at 11.30 am GMT +8.

The exchange will be under maintenance on Thursday, 11th July between 11.00 to 11.30 am GMT +8 to implement this new fee structure.

Here is the new trading fee structure:

*Trading fees paid with COS tokens earns traders a discount of 25% on positive trading fees, where applicable.

What exactly is negative maker fees? In short, traders earn an incentive for posting liquidity in the order book.

There are several advantages to COSS and the community and in line with our vision of “Community First” & “Simple First”.

COSS has now become one of the very few exchanges in the world to have implemented negative maker fees along with the likes of BitMEX. Every step that we take henceforth makes sure that our community is kept first, while also ensuring that new users coming to our exchange are given the best trading platform possible.

The updated fee structure we are implementing can also attract more liquidity — by incentivising market makers to build a deeper order book. There are several other initiatives planned that should lead to further liquidity on COSS. We will be making more announcements in the coming days and weeks regarding those.

This is in line with our plans and promise of delivering results, and swiftly, in July.

Nothing more needs to be said. Happy trading and enjoy the negative maker fees!

Expect to hear from us again, soon… 🙂


Join the community at our various channels :

Telegram Announcement Channel: https://t.me/COSSchat

Telegram General Discussion Channel: https://t.me/myCOSS

Telegram API/Bot Discussion Channel: https://t.me/COSSAPI

Chinese telegram: https://t.me/myCOSSchinese

Facebook: https://www.facebook.com/cosscrypto/

Twitter: https://twitter.com/cosscrypto

Reddit: https://www.reddit.com/r/CossIO/

YouTube: https://goo.gl/hd6tBg


DISCLAIMER: COSS reserves the right to update this fee structure at any given time in the future depending on market circumstances and regulations.

This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. This post is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.

Spiking SPIKE token listing

spike 2

COSS.io will be listing Spiking SPIKE token on 8th July, 2019.

SPIKE is the utility token of Spiking — a platform that allows you to gain market intelligence by helping traders of all levels to make better decisions.

Spiking has already won multiple awards in traditional trading markets, giving traders the ability to track the movement of ‘whales’ — what they define as significant market movers who have access to key information before that information is available to the public. Now, they are bringing their technology to the crypto sector.

By giving you the ability to follow ‘whale’ trades in the cryptocurrency market, they want to give you an even playing field, just like what they have done for traditional trading.

SPIKE will be available on the SPIKE/ETH and SPIKE/BTC pairs.

We are kicking off a trading promo for the SPIKE token along with the listing. Wallets are now open for deposits.

The trading promo will run from 08th July 2019–16:00 GMT +8 to 04th August 2019–16:00 GMT +8.

Here are the reward details for the trading promo:

Reward pool: 5,000,000 tokens

Number of rounds — 9

Each round period: 3 days

Each round pool: 500,000 SPIKE

The 500,000 SPIKE prize pool will be reset at the end of every round.

Top volume trader across the entire trading campaign wins a bonus of 500,000 SPIKE

  • Rank 1 : 10%
  • Rank 2 : 7.5%
  • Rank 3–5 : 5%
  • Rank 6–10 : 3.5%
  • Rank 11–20 : 3%
  • 10 random traders : 2%

Rewards will be distributed post the promo end.

Spread the word and happy trading. You can expect to hear from us again soon. 🙂


Join the community at our various channels :

Telegram Announcement Channel: https://t.me/COSSchat

Telegram General Discussion Channel: https://t.me/myCOSS

Telegram API/Bot Discussion Channel: https://t.me/COSSAPI

Chinese telegram: https://t.me/myCOSSchinese

Facebook: https://www.facebook.com/cosscrypto/

Twitter: https://twitter.com/cosscrypto

Reddit: https://www.reddit.com/r/CossIO/

YouTube: https://goo.gl/hd6tBg

Message from the CEO — To new beginnings…

COSS CEO

“Patience is not about waiting, but how we act when things take longer than we expect.” — Paulo Coelho

This is my first address to the joint COSS community. I intend to try and deliver my thoughts to you every month.

I have been around in the blockchain industry since 2013, but more actively since 2015. By industry standards, one could call my team and me, crypto veterans. I was lucky to have left banking at JP Morgan and Deutsche just before that; pure luck, nothing genius here. Most of those early crypto enthusiasts were dreamers, hoping to change the world. Hoping that the entire world would quickly get on the decentralised bandwagon and we would see decline in Fiat usage soon. As things turned out, yes, they were dreamers, but not entirely wrong.

Greed reared its ugly head in the cryptoverse during 2016–18 which resulted in the crypto winter of 2018. Kudos to all of you who stayed (which includes most of you reading this), fought the winter, survived, and are now looking to better crypto days ahead. However, this period of uncertainty taught us some very valuable lessons.. Here are my brief, short takeaways, especially since 2015. The arrival of winter was certainly unexpected but we are glad we survived it and came out stronger. Like Rumi said, “The wound is the place where the light enters you.” So here I list our lessons learned from our wounds:

  • Buy and HODL works fine most of the time. As COSS exchange operates for traders, and COSS Wallet operates for HODLers, I believe in personally holding a larger portion of my holding in top currencies. Of course, this is no recommendation or advice and do read the disclaimer at the end.
  • Take profits when you need to make urgent expenses and prioritise your health and family first. Nothing beats that in the bigger scheme of things called LIFE. Life is a single player game and happiness is a personal choice as someone said it.
  • Altcoins and tokens with real usage and utility had a good ride during this winter. They would do well in the summer and next winter as well. Many come to mind but you are smart enough to judge which ones those are if you DYOR.
  • Stable coins are here to stay although they are just another form of Fiat currency and a temporary on/off ramp for fiat to crypto. From survival, we have reached existence, next is mass adoption. A crypto to crypto world would be amazing but then again, don’t be a dreamer. It’s still a distant reality. Be prepared but don’t lose sight of reality (aka health & family).
  • Mass adoption is coming and the biggest companies in the next 20 years could be some public or even some private Blockchain operators.
  • Homo Sapiens is a greedy species. JPM, GS, Facebook and other FAANGS of the corporate world would not be left behind. I am yet to decipher the nature of that beast and its impact. Our entire focus is COSS — along with how and where we place COSS to work alongside the big boys. And this time, Asian corporates with global clienteles, are equally ready, able and willing to fight back. We are preparing ourselves for the inevitable, but the future is filled with many unknowns.
  • Crypto wars will turn ugly when politics and nations get involved along with these corporations. China, Russia, the US, everyone would try to control BTC and the Libras of the world. These new crypto wars would be fascinating. COSS intends to be ready to take advantage as things turn.

There are many more smaller observations, but in light of these brief experiences, we are implementing our beliefs and experiences to create a new COSS — the new Crypto One Stop Solution ecosystem.

The world’s first token merger between LALA & COSS went live on 25th June. A new token contract was deployed after carefully reviewing the tokenomics for the COSS and LALA token, going through a lot of internal and external feedback, making sure our holders’ were listened to — and building with our mantra — Simple things first.

We took a step back, analysed what went wrong, what our strengths are, what our community wants, and we made a priority task list. Humbly, we started prioritising and delivering, about a month ago. While this list might look easy to the by-stander, there’s a lot of work that goes on behind the scenes.

  • A carefully planned and the most painless and seamless token swap process was delivered leading to a unified rebranding to Crypto One Stop Solution. The logo itself and the decision to come together to one name was not easy, Bois.
  • 0% maker fees was implemented and now we are working swiftly on introducing negative maker fees.
  • Simplifying the entire base and quote pair fee collecting structure in line while making things simple — both for the community, as well as ourselves
  • A lot of work in the backend in updating the FSA structure so users now receive only COS and ETH instead of collecting token dust
  • Review of our listing and delisting process, and putting together a new team in place for this. You will hear a lot more plans in the coming weeks regarding that
  • Completing the new IEO platform that would be launched soon, along with the world’s first IEO platform on the wallet — your own COSS Wallet synched for IEO participation
  • A continuous process of bug fixes and improvements for the stability of the exchange, code fixes, technical security and many other behind the scenes improvements.
  • Improved marketing efforts which also involves designing and implementing a referral program, PR activities, aligning marketing teams together, SEO/SMM improvements for better presence, etc.
  • Hiring and building an experienced team to fuel the ecosystem we are building. This is no small task and requires a lot of screening, interviewing, resources, traveling, etc. Looks simple, but isn’t.

We are all about a great product in the hands of a great community and a continuous process of taking feedback to incorporate where we can. The month of July is here! We are certain it is going to be a really good one! Allow me to give you highlights of what our focus is for July — in line with my mantra ‘community first and simple first’.

  1. Nodes and Bug fixes on COSS exchange
  2. Better liquidity with some specially designed programmes
  3. Negative maker fee details and implementation
  4. Simpler trading fee structure with new quote and base pairs
  5. New token listings based on community feedback, both for the exchange & wallet
  6. Work starting on a major new initiative on COSS Wallet as well that you will love
  7. New marketing campaigns to cover a larger universe and attract more users with innovative campaigns
  8. Focus on users & community — user growth, user support, products that users need, user feedback.

Much much more is happening at the backend that might not be visible but here are some highlights:

  1. Tech team integrations and coming together of teams was a humongous task
  2. Wallet system upgrade and security enhancements.
  3. Working with some governments and regulators to see where to take the next leap once we are stabilised over the next two-three months.
  4. A new super trader program that product, operations, and marketing are jointly working to create. No timelines for that yet.
  5. A COSSmonaut ambassador program to recognise our brilliant supporters in every country, reward them for their efforts and spread the COSS brand faster and more effectively across the world.
  6. Hiring for senior positions, people who have run exchanges before — the more the better. We need people who are smarter than me, and who have worked in this environment before leading to a fast-paced environment. Nirmal Ranga, joining us recently is one such addition who is already creating a huge impact.

Thanks for being here with us on this journey to make COSS great.

Regards,

Sankalp Shangari

CEO, COSS Group

DISCLAIMER: This announcement is not meant to be taken as investment, accounting, tax or legal advice or a recommendation to buy, or sell any security, digital asset or other investment, management product or service or pursue any investment strategy. This post is for reference only. It will not help you to “lambo” or “moon” or any other euphemism for unhinged speculation. It should help you to supplement your own analysis of the project’s commercial viability.

The World’s First Token Merger. What’s in it for you?

Arax COSS merge

Crypto One Stop Solution was built with the vision to be a true ONE STOP SOLUTION for modern digital assets. The goal has been to provide a stable ground for the flourishing of the cryptocurrency industry supported by the massive user adoption of cryptocurrency among ordinary people.

They want to bring together people — customers, merchants, service providers, startups and businesses with different needs and resources. It was done in order to enable exchange, interaction, and mutual benefit.

This month, COSS and Arax Wallet have merged to create a larger product stack, powered by a single COS-token.

COSS was launched in mid-2017 with a vision to become one of the finest digital assets platform — a one-stop for all things cryptocurrency.

The platform has slowly built its feature stack to support:

  • a secure smart contract enabled wallet management system
  • support for 5 stablecoins
  • fiat payment gateway for international currencies
  • listing over 90+ digital assets
  • trading fee discounts using the COSS token
  • providing a unique Fee Split Allocation feature

FSA lets COSS token holders receive 50% of all trading fees generated by the exchange.

Arax Wallet currently offers a feature-set larger than other existing digital assets wallet today. Powered by the LALA token, Arax features currently include:

  • multi-digital asset storage
  • utility of digital assets for various services
  • support for several blockchains
  • full control of private keys
  • ability to send, receive and spend digital assets
  • global mobile top-ups supported in 160+ countries
  • instant digital asset exchange
  • make GPS-based transfers.

What is the new COS token?

COSS and LALA tokens will be swapped into the COS token. This world’s first token merger forms a super token, an asset combining all the features of its parent tokens, and a token that can be used on both platforms.

COSS and LALA token holders are able to swap their tokens for the new COS token on COSS.io as per the following ratio:

COSS:COS = 1:1

LALA:COS = 10:1

What are the benefits for a COS token holder?

COS token holders are entitled to 50% of trading fees generated on COSS.io through our Fee Split Allocation. The distribution is done by a Decentralised Autonomous Organisation (DAO) — a smart contract which executes the function.

An improved product stack

The COSS platform offers BTC, ETH, COS, USD, EUR, GBP and USDT as base pairs, while supporting over 50 popular cryptocurrencies. More projects are being reviewed and added.

We add to the product stack our own multi-blockchain cryptocurrency wallet, the COSS Wallet (previously Arax Wallet by LALA World) which enables utility services like in-wallet token exchange, mobile credit top-ups and transfer via GPS technology.

Large and sustainable ecosystem

As the products merge to form the Crypto One Stop Solution ecosystem, the token becomes one of the most advanced exchange tokens in the market today. We aim to be the most advanced digital asset ecosystem in the world as we add more services.

Boost to technology and resources

This merger combines the resources of both the companies. This means greater efficiency and a faster go-to-market approach.

A stronger leadership

Sankalp Shangari and Rune Evensen have a massive combined experience in their respective fields. Sankalp comes with a strong finance and entrepreneurial background, while Rune is considered a great marketer and product visionary. Supported by a strong team spread across several departments under the leadership, we build a stronger future for COSS.

Final Thoughts

The COSS team has envisioned and is determined to implement a strategy that enhances the COSS products, their security, incorporating user and community feedback, while adopting innovation.

We welcome everyone to join us in the new future we are shaping up for the Crypto One Stop Solution ecosystem. A step towards a modern economic future, today.

UPDATE: 26th June 2019

COSS Update

Announcing the new Simplified COSS

Thank you for all your support during the COS swap. Executing the world’s first token merger was never easy and several precedents were set. We are glad that the community was happy and we were able to finish the swap on time. Now it’s time for our next deliveries and a SIMPLIFIED COSS. As part of our ongoing efforts toward the best product and a great user experience, we are focusing on delivering the following next, with the mantra — Simple things first.

  • New, simplified trading pairs
  • Our commitment to Negative maker fees
  • New and simple trading fee structure
  • COSS Wallet new features
  • And last but not the least, some news since the last update:

The COS token merger went live yesterday. We have been closely monitoring the swap process and it has gone through seamlessly. This was made possible with the hard work of all our teams in the past few days who have worked tirelessly behind the scenes, as you can tell.

The exchange was taken offline at 14:00 GMT +8 as planned and was back online in about 45 minutes with the token swap feature enabled.

The swap is the first major milestone in the development of the new COSS — the Crypto One Stop Solution ecosystem that we are building.

In this update, we share some of the features we are working on in the next development sprint.

New, simplified trading pairs

We have previously shared that we are going to improve the quality of listings on the exchange. With that in mind, we have started to simplify and reduce our trading pairs.

We intend to make the new pairs live within two weeks. A final list will be released closer to the release. We will continue to reorganise our pairs progressively hereon based on internal and community feedback. A separate team has been put in place for that. Their primary job is to take internal and external feedback, brainstorm, review our listing and delisting tokens and processes, and make sure we deliver most liquid pairs. SIMPLE FIRST. LIQUIDITY FIRST.

You will get a better selection of tokens to trade with, as we implement the changes. Some pairs with zero volumes and hardly any community, are in the process of being delisted.

Negative maker fees

With 0% maker fees already in place, we intend to keep our promise and implement negative fees for certain tiers within July / August.

Negative maker fees incentivises traders to profit from adding liquidity on our order books, which in turn allows you to trade seamlessly. Besides simply introducing negative maker fees, we are working on a much larger incentivisation scheme that needs a little more time to announce and implement. Again, this is in line with our well thought product delivery process and not a simple random click and bait.

Maker fee implementation requires integral changes to the code. The developers have been working on making sure the changes are permanent, rather than short term fixes every time. This would take a few weeks and we intend to implement this in the month of July. This might spill over to August but we rather deliver what we promise.

This is essential because besides code level changes, we have to take into account factors like negative trading fee and its impact on things such as the FSA.

Since COSS already shares 50% FSA and a 25% discount on trading fees, the full impact on our revenue needs to be studied thoroughly; afterall, businesses need revenue to run. There are not many exchanges with so much to offer, let alone negative maker fees, but we are committed to deliver what we have promised. This is your new COSS; a simpler COSS; committed to giving you the best product and experience to our traders and COSS family.

New FSA structure

We are updating to new quote pairs during the next few days, while others are discontinued.

BTC, ETH, COS, USDT for crypto & USD, GBP, EUR for fiat.

This change, once implemented, will improve one of our most important features: the FSA and make it simple to understand and earn.

As we reviewed our FSA model, an important observation was made. We realise and understand that while COS token holders get a vast, passive portfolio of all tokens traded on our exchange, they do not get a meaningful quantity of it.

We have taken the decision to change our FSA model.

COS holders have been requesting a simplified FSA. We intend to deliver this as part of our next deliveries in the month of July and August.

Our FSA fee structure will be changed to take fees from the quote pair and convert those fees to ONLY 2 assets: COS and ETH.

This consolidation means you will receive a larger amount of COS and ETH, instead of insignificant amounts of all the assets offered on COSS. This also simplifies our internal calculations, and gives us meaningful tokens to serve you better. Quality over quantity. Fees collected in quote pairs other than COS and ETH will be converted to ETH.

As a part of Crypto One Stop Solution, we intend to increase the utility of COS token multiple fold. With increased COS & ETH via FSA, this would prove even more beneficial in the short and long run.

COSS Wallet: next release

The COSS Wallet will see a new release next week which will include:

  • Complete rebranding to COSS Wallet — the wallet will wear a new look to reflect the change from to COSS Wallet
  • Support for COS tokens — you will be able to store your COS tokens in the COSS Wallet and export your private key to keep it safe
  • COSS Rating — a new feature that rewards active users based on profile completeness
  • A new address book — the new version of the app will allow users to split their contacts between COSS Wallet and non-COSS Wallet users to allow for quicker transfers

Roundup of what else has been keeping us busy…

Binance Chain (BEP-2) is now successfully integrated in COSS Wallet

COSS Wallet has added support for Binance Chain and therefore for BEP-2 tokens that are supported by the blockchain. The wallet now supports 8 blockchains, which will allow us to increase the number of tokens we support in the future. BEP-2 tokens will be enabled in the next few days.

COSS awarded the Top 10 Cryptocurrency Exchange in Singapore

COSS was awarded the title of ‘Top 10 Cryptocurrency Exchange’ in Singapore by World Blockchain Forum. Rune hosted a panel on Digital Finance in Asia and spoke about the world’s first token merger in his award acceptance speech.

Nirmal Ranga joins COSS

Nirmal Ranga has joined COSS as the Assistant Vice President of Trading & Operations. He will be responsible for exchange operations while developing high-end trading products and business strategies for the company. Prior to joining COSS, Nirmal worked with Zebpay as an exchange lead. Under his leadership, Zebpay was a leader in the cryptocurrency world, with a market share of almost 78% in India.

We are excited to have him on board and are sure that his experience will take COSS to greater heights. For more about Nirmal, please read our piece about him.

Rune at Tokenize Assets, Singapore 2019

Rune announced the COS token at Tokenize Assets, Singapore on 25th June as the world’s first token merger went live on COSS.io. He delivered an in-depth presentation on the state of cryptocurrency adoption in the world and how the Crypto One Stop Solution ecosystem will facilitate the same through innovation.

While these are just some highlights, there are several other features and upgrades the team is working on. With a new, simplified COSS, your continuous feedback, and a rejuvenated team, our work has just begun. A lot of busy days and months ahead for all of us. Meanwhile we thank you for all the love and support. Keep it coming.

You will hear from us again, soon…

COSS welcomes the ‘AVP-Trading & operations’ – Nirmal Ranga

New addition in COSS family

“To win in the marketplace, you must first win in the workplace.”– Doug Conant

COSS is steadily headed on the path of bringing the best services and products for its community. We, at COSS, realize the integral role played by the employees in making an organization a success which prompted us to make an addition to our COSS family with a hardworking and experienced professional- Mr. Nirmal Ranga.

Mr. Ranga has joined us as the Assistant Vice President – Trading & Operations and will be responsible for facilitating the smoothening of exchange operations. He will also be focused on contributing in developing high-end trading products & business strategy for COSS.

Prior to his joining COSS family, Nirmal worked with Zebpay Exchange and helped them generate revenue and streamline their operations with his skills and expertise. Under the leadership of Nirmal as an Exchange Lead for 2 years, Zebpay managed to be a market leader in the cryptocurrency world with a market share of almost 78%.

He also facilitated the exchange with the transitioning of OTC Model to Open-Order Book Model.

His 10+ years of work experience also includes organizations like Dynamic Equities Pvt. Ltd. and R.R. Consumer Pvt. Ltd. where he was responsible for managing Prop Book which had 200 million USD of Fund Value. His valuable efforts as the Proprietary Equity Trader and Senior Proprietary Trader in the organizations respectively, lead to a revenue generation of 30-35% annually on the capital employed.

We are extremely optimistic that Nirmal’s expertise in Derivatives Trading, Equity Research, Portfolio Management, FX Hedging, and Technical Data Analysis will greatly contribute in increasing COSS’s revenue and operations quality by multiple folds.

His strong search and execution ability can be attributed to his education as Master of Business Administration (M.B.A.) focused on Finance and Financial \Management Services from the Institute For Technology and Management.

COSS is blessed to have such capable, driven, hardworking and knowledgeable professionals on-board who can be trusted with the responsibility of taking COSS to new heights of success.

We extended our heartfelt gratitude to all for your continued support and hope that with latest announcements, the confidence in us and our initiatives as only grown.

Regards

Team COSS

Binance Chain (BEP-2) is now successfully integrated in ARAX

Binance Chain

Hello Community,

We, at Arax Wallet, has got a piece of exciting news for you all. This time, Arax is not integrating a new coin in its wallet but a new blockchain. Yes, you read it right! Arax is adding Binance chain(BEP-2) to its Wallet increasing the total number of supported blockchain to 8 blockchains. This helps to store all the BEP-2 based assets in Arax wallet.

Integrating Binance chain in Arax allows users to store and trade other coins listed on Binance chain. Not just that, Arax Wallet will also be able to list all the coins supported by Binance chain, making our wallet a bit more universal. However, BNB Token is only supported by Trust Wallet and Arax Crypto Wallet till now.  

For those who are still unaware of Arax Crypto Wallet, we would like to introduce our wallet to you again.

Arax is a multi-currency wallet that offers a range of crypto-utility based financial services. Users can hold, send, make P2P transfers with a unique GPS feature and exchange their currencies with other cryptocurrencies using the wallet. All this is possible while having complete control over your private keys.

The wallet enables ease of control for all your digital assets. Supporting multiple blockchains, the wallet serves as a one-stop manager for your digital assets. Users can spend their cryptocurrency to make utility bill payments and to buy mobile credit in 160+ countries. The wallet serves as the bridge where cryptocurrencies meet real-world utility.
Arax currently supports 32 cryptocurrencies across different Blockchains.


Binance chain

Binance has achieved its goal of creating a Binance ecosystem with the introduction of Binance chain – a highly anticipated blockchain protocol aimed to support decentralized exchanges. BNB token will be used as gas on Binance Chain to assist network transactions.

Binance chain serves the purpose of being one market place that enables buying, selling, and exchange of cryptocurrencies in a decentralized manner. Binance chain will be focussing on the better performance, ease of use, transfer, liquidity, and trading of blockchain assets. Binance chain aims to provide new possibilities in the crypto arena and smooth flow of crypto assets in the future.

We are working day and night to bring new announcements for our users. Our efforts are driven by the aim of providing our users and community with best in class services and an all in one wallet which eliminates their need of maintaining multiple wallets.

For more updates, stay tuned!

 

Regards

Team Arax

Reconstructing to Transform and Consolidate Growth – #17 Monthly Roundup

Arax and COSS token swap

Hello Community,

May was a great month for both the teams at COSS & ARAX. Teams met formally, sat together to plan the road ahead for the transformation and growth of the “Industry first” Token Merger. This month saw some major developments and here is a quick recap of them all.

One Master Token for Arax and Coss

A major announcement was made regarding the future of COSS and Arax merger. COSS and LALA token swap was made official. It was declared that there will be one master token that will be used throughout the ecosystem. However, the supply of the new token won’t increase above the already existing 200M Coss tokens. Read more…

Arax COSS merger

New Coins & Tokens Integrations

New coin integrations for Arax have been really important. Each month the team has been consistent at delivering to bring new coins to ARAX. This month saw the addition of two more coins in the list of Arax supported cryptocurrencies. Arax App users can now send, receive, store and exchange Jet Coin and MKR tokens using their wallet taking the total tally to 32 coins across 9 Blockchains all from a single wallet.

Arax announced the launch of its iOS version

The iOS version for Arax Wallet was announced to the global community. It’s now officially available on the App Store for all iOS users. The team is sparing no effort to deliver a product that is secure and user-friendly. Arax ecosystem with its merger with COSS will further reinforce the utility of crypto assets, as the wallet will play a promising role in the mass adoption of the digital currency. Read more.

Pizza Carnival hosted by Arax

Arax planned its Bitcoin Pizza Carnival in the spirit of Laszlo Hanyecza and his first trade with 10,000 BTC for two Papa Jones Pizza. A contest was held that required the participants to guess what will be the BTC price on 30th May’19 at 4:00 PM Singapore Time. Along with that, they were required to share their quirky & creative Pizza selfies on Twitter, Instagram or Facebook tagging @AraxApp and @COSS.io using #BitcoinPizzaDay and #AraxPizzaCarnival. The winners were to get free pizzas for three months straight.

Arax Pizza BTC

Updated trading Fee & Trading Promo

COSS & Arax team jointly announced an updated trading fee which is set up to benefit the traders. The new trading fee structure saw the MAKER fees at 0 and the TAKER fees at 0,2% (0.15% with 25% discount function). This is a fixed fee with no tiers so ALL traders can enjoy this. Along with that A trading promo was kicked off for both COSS and LALA tokens prior to the swap event. Winners of the promos will win ARX* tokens once the swap concludes. Also, COSS.io will support the KIN Mainnet swap as committed to all its users.

The month of May now past, the spirit of both teams continues to remain high and motivated. We are putting in our best efforts to bring to you best products, more services, real partnerships, and news that will benefit you and the entire crypto market.

We extend our heartfelt gratitude to our community for your undying love and support. The zeal to serve you is what keeps us moving forward. We will bring to you more updates until then stay tuned.

Best,

Team Arax

Arax 29th May Update

Arax COSS trading promo
  • 0% Maker fees is now live
  • Missing tokens from migration
  • Trading promos
  • KIN Mainnet swap
  • LALA and COSS token swap to ARX

0% Maker fees:

COSS.io successfully implemented 0% Maker fees on 27th May 2019. The exchange was put in maintenance-mode with an expected downtime of 1–2 hours and was back online in around 57 minutes.

With this update, we are one step closer to implementing negative fees.

To educate those who might not know, a Maker is defined as a trader who adds a (limit) order to the orderbook, thus, “making” a trade. Therefore, having a 0% maker fee is intended to incentivize users to create orders on the orderbook, which in turn creates a more active market.

On the other hand, anyone who trades directly from the orderbook becomes a Taker and pays 0.2% fees. Trading directly from the orderbook means placing your order against an existing entry in the orderbook.

When the maker places a limit order, the exchange locks the usual trading fee of 0.2%. The fee is released when the limit order is filled as a maker or canceled.

You get an additional 25% discount by enabling the option to pay trading fees with COSS tokens in Settings > Profile.

Missing tokens from migration:

COSS.io users have been facing a known issue regarding token balances missing from their account wallet after the migration to v1.2 in December 2018.

Tokens have been previously restored on a case-by-case basis. That is resource-intensive and our team is now working on a one time fix to resolve the issue for all users affected.

Your tokens are absolutely safe. The issue is due to an error in updating the virtual balances post the migration. It will be resolved.

If you are a user affected by this issue, please fill out the Google Form given in the link below. If you have already raised a support ticket, you don’t need to do anything; we have all the details we need. Users are advised to fill this form at the earliest.

Form for missing balances: http://bit.ly/COSSmigration

Trading promos:

We are kicking off a trading promo for both COSS and LALA tokens prior to the swap event! Winners of the promos will win ARX tokens once the swap has concluded.

The trading promo will run from 01st June 2019–00:00 GMT +8 to 15th June, 2019–23:59 GMT +8.

The promos will run separately for each token. The reward pool and distribution will be identical for both promos.

Here are the reward details for each token promo:

Reward pool: 25000 ARX tokens

Ranked Prizes: Top 10 traders

Random Prizes: 10 random traders

  • Rank 1 : 15% of pool + 1 Ledger Nano S + Arax swag + surprise gift
  • Rank 2 : 12.5% of pool + Arax swag + surprise gift
  • Rank 3–5 : 12.5% of pool + Arax swag
  • Rank 6–10 : 5% of pool + Arax swag
  • 10 random traders : 1% of pool

Rewards will be distributed post the token swap. Winners will be notified separately.

KIN Mainnet swap

COSS.io will support the KIN Mainnet swap as committed to all its users. Here are the details of how we will proceed:

  • Sunday 02 June, 2019–20:00 GMT +8 — Withdrawals & Deposits will be suspended
  • Monday 03 June, 2019–11:00 GMT +8 — Token swap commences
  • Monday 03 June, 2019–14:00 GMT +8 — We resume Deposits & Withdrawals

Please spread the word with the KIN community.

LALA and COSS token swap to ARX

We are all working hard towards the token swap of LALA and COSS tokens to the new merged token ARX.

The date of the swap will be announced in a later update.

HODLers and traders of the token can proceed with depositing their tokens to the respective wallets on COSS.io to ensure that they are notified easily when the swap begins, and receive their new tokens seamlessly.

Please note again, the date of the swap will be announced at a later date. You may continue to HODL and trade the tokens where they are for now. Or you may deposit and continue to trade on COSS.io.

Until then, HODL! 🙂