Wednesday, Jul 8, 2020
International Finance
Technology

Cryptocurrency investors worry about a bubble as Jamie Foxx and other celebrities jump on board

An ICO is similar to a stock IPO, but instead of buying shares in the company, investors are buying digital "coins" used on cryptocurrency platforms.

The cryptocurrency promotion engages one more worldwide famous celebrity: Jamie Foxx is promoting an upcoming Initial Coin Offering (ICO) for Cobinhood, a zero-fee cryptocurrency exchange.

An ICO is similar to a stock IPO, but instead of buying shares in the company, investors are buying digital “coins” used on cryptocurrency platforms. Companies built on blockchain, a digital database for recording financial transactions and other types of deals, raise money by selling these tokens, which can typically be used to pay for goods and services on their platform, or just stashed away as an investment.

Foxx is at least the fourth celebrity to promote an ICO on Twitter lately. Boxer Floyd Mayweather, rapper The Game, and Paris Hilton have all run similar promotions on Twitter previously.

 


The platform was founded by Popo Chen and will begin operations in November 2017, with the ability to process more than one million transactions per second, serving users in real time. This capability is only possible on behalf of COBINHOOD’s backend team, which has developed a unique order matching mechanism that can process millions of requests with latency of sub-milliseconds. The fully distributed system is highly available and self scalable. The exchange has a trading margin with leverage of up to 10X. More than 10 fiats coins will also be available. The platform is the world’s first crypto-currency exchange with zero trading rates. The exchange has no fees on “spot trading” and “margin trading “of up to 10% of leverage.

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