Established Singapore-based trading platform COSS has recently implemented a negative maker fees program for its traders, making them and BitMex the first two cryptocurrency exchanges in the world to incentivise traders for adding orders on the books.
COSS.io initially implemented 0% maker fees, which waived off all trading fees for those acting as market makers of orders during trading before adding the negative fees program.
The extremely community-oriented exchange frequently interacts with their users within their community groups and this popular move was introduced as a direct response to user requests.
Another very popular program COSS Exchange implements is the Fee Split Allocation program which allows its users to claim 50% of all trading fees generated daily. In addition, COSS also provides discounted trading fees to traders who pay fees using the exchange’s native token, COS, which is similar to Binance, Huobi and many other top global exchanges.
“We are in the process of building the best global trading experience,” states Sankalp Shangari, Group CEO of COSS. “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.”
Shangari continues, “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.”
Rune Evensen, Chief Product & Strategy Officer of COSS, notes that: “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.”
COSS.io was launched in early 2017 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. It became a member of both the Singapore Fintech Association and Ethereum Enterprise Alliance and established an active community of users. Last month, COSS announced a token merger 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. Besides the trading platform which is supported by a fiat gateway and the multi-asset wallet with crypto utility services, COSS is also a platform for IEO launches and promotions as well as a digital asset marketplace.