Exploring Cobinhood’s services for ICOs

In the previous article it was explained that maintaining an exchange is always a very expensive responsibility, the easiest and most common way for these entities to monetize their platform and earn a revenue was by implementing transaction fees, so each trader would have to pay a little % to the exchange for each movement they do.

But with the goal of being as attractive as possible for crypto traders, Cobinhood decided to get rid of transaction fees, and monetize their platform in a less aggressive manner, what they did is to create a whole array of services for those ICOs that are the most valuable and have the best team with the greatest ideas, and this way, they will receive money thanks to these general consulting services, which will allow Cobinhood to cover the expenses from maintaining its exchange, but without the need to charge fees to its users.

How is Cobinhood helping ICOs?

Given the fact Cobinhood has a lot of competition, not only as an exchange, but also when it comes to their ICO-related services, they must provide the most high-quality, professional and complete help they are capable of. Below we can see each of the procedures they can provide with their corresponding explanation:

Reviewing the project

The first step is to give a proper assessment to the project and the team behind it, those who are really astounding will certainly stand out from the rest. When Cobinhood reviews a project they will determine if the idea they want to develop is really worth it and if it has a real chance of succeeding in a very demanding market like the case with blockchain, if the organization complies with every regulation there might be, and of course, they will evaluate the skills and experience of the people who are responsible for the project.

This part of the procedure can be seen as the first filter to differentiate promising projects with those that are regular ones.

Reviewing the code

We should not forget these are all entrepreneurships for the digital space, which means there is always a lot of code involved in the dapps and platforms that are being developed. One of the riskiest things that can happen is for there to be a bug in the code that allows a hacker to inject malicious elements into the platform, and harm users by disturbing their experience, or even worse, by stealing their tokens.

This is the reason the team of experts at Cobinhood takes the time to carefully review every single line of code that belongs to the projects they are vetting, the goal here is to improve not only the security of the code, but also its efficiency when executing operations, clumsy code can make platforms become slower than normal, and this is obviously something that should be avoided as much as possible.

Reviewing legal compliance

The blockchain industry is getting more and more attention from regulatory bodies all over the world, the amount of money that is invested in this industry has been increasing, and the same can be said about the amount of money that is traded on a daily basis through blockchain platforms, so it is only natural for any entity that is in charge of regulating the economy to start paying close attention to this type of projects.

However, since smaller projects don’t necessarily have lawyers that can make sure everything is done according to the law, there is the worrisome risk of doing things illegally simply due to a lack of understanding regarding regulatory measures, in fact, this can even happen to big projects, there have been cases of some exchanges being forced to shut down their activities because they weren’t complying with certain regulations.

Therefore, Cobinhood is going to make sure these promising ICOs are doing everything properly and without breaking any law to avoid future problems that could harm the sustainability of the project in the long term.

General guidance to implement blockchain technology in existent services & platforms

Thanks to Cobinhood's expertise in working with blockchain technology, they are capable of providing proper guidance to talented startups so they can leverage the potential of their ideas, products, and services through the implementation of blockchain technology in their organization, as long as there is a productive way of doing this of course, so this service will depend on the type of company they are working with.

With this general guidance, there is also included the necessary help for these companies to create their own ICO and do it in an orderly manner to increase the possibilities of having successful sales, Cobinhood will also offer help regarding marketing plans for any token they decide to add into their exchange, and thanks to Cobinhood's liquidity, there should no problem for traders when placing any type of order whether it is to buy the tokens or to sell them.

Conclusion

After my Cobinhood introductory post it was time to go a little deeper to discover which are the specific services that this project is planning to provide in order to monetize their platform.

In short words, they are capable of offering every type of help that smaller projects might need, including areas that require specialized knowledge like legal and technical issues.

For Cobinhood to be able to provide such a complete range of services they must surely have members with extensive experience over various fields, and hopefully, this monetization strategy allows them to keep Cobinhood completely free of transaction fees.

In just a few hours the South East Asia Blockchain Summit in Jakarta, Indonesia is going to start, this is a blockchain event that I wrote about very recently and Cobinhood is going to be present! So we should be reading more news about them very soon!

Let me know what do you guys think of the different services that Cobinhood is planning to offer?