A trading platform that attracts attention after trading volumes exceeded 17 billion dollars in the past 24 hours
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Answer A trading platform that attracts attention after trading volumes exceeded 17 billion dollars in the past 24 hours
This week witnessed the emergence of a modern digital currency and cryptocurrency trading platform, which achieved direct success, which was reflected in the spotlight on it by those in the industry.
This new Chinese platform succeeded in a short period of time surpassing the largest trading platforms around the world, until the trading volumes in the past 24 hours amounted to more than 17 billion dollars (10 times the trading volumes in Binance platform for example).
This is the new platform FCoinIt uses the profit model that was previously explained by “fee mining” which is considered by some to be controversial. The CEO of Binance has previously criticized this business model and that it helps manipulate trading volumes.Read:A new partnership in the world of digital currencies to launch the “Visa Crypto” card
knowing that FCoin . platform It has a special currency and did not go through the initial coin offering stage, but the platform stated that it had set a maximum of 10 billion currencies for issuance, with 51% of them being distributed to users in exchange for trading fees within the platform.
This means that the trading fee is paid in exchange for Ethereum or Bitcoin, with the platform providing its digital currencies (FT) in exchange for the fee and depositing it into the user’s account.
Despite the great and continuous success of the new platform, a number of media outlets questioned the reality of profits and trading volumes, and stated that the platform relies on automated bots to create fake transactions, although the platform completely denied this.
It is worth noting that Binance CEO Zhao Changpeng mentioned on his account on the matter, “The user pays transaction fees for trading in Ethereum and Bitcoin, and then the platform compensates the user for their currency. Isn’t this just buying cryptocurrencies directly? How is this different from an ICO?”Read:The high rate and frequency of cryptocurrency frauds, asking for help, and begging are the most prevalent
Despite criticisms of the new business model, OKEx also stated that it will create its own software similar to that used in FCoin, with OKB coins being offered for a trading fee.
Some information about the FCoin platform
- The platform was launched last May, led by the former CTO of Huobi
- The platform distributes 80% of its profits to holders of the platform’s coins FT
- A large number of projects in the field of blockchain have invested in the platform, including: Origin Protocol, Open Platform, PolyChain Capital, Hedera HashGraph, and Certik.
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