Hello everyone.
COSS exchange is ready to resume operations after almost 8 weeks of downtime.
In this update, we discuss the following:
The downtime
New management
New technology partner
Roadmap
Relaunch FAQ
The Downtime
COSS exchange was taken offline on January 7th 2020 with immediate notice to all users. The plan was to begin migration to a white label platform after proceeding with account-level snapshots.
The migration was halted mid-way as COSS entered and finalised acquisition negotiations, followed by audits of the existing technology, user data and wallets.
With the audits completed, the new management decided to do away with the old exchange platform and introduce a much more advanced engine for its users.
This is the platform which goes online this week with many added features including derivatives with up to 100x leverage, as well as an Exchange Swap Engine for instant conversions.
New Management
We apologise for the downtime — unconditionally.
The decision to shut down the exchange was not in our control and we, unfortunately, were handed over a shut exchange. We have done our best to re-enable the exchange for all users quickly and assure you that such missteps will be avoided at all costs in the future.
The new COSS is a group of investors, professional traders, and financial technology specialists who strongly believe in the original vision of COSS — a one-stop platform for modern digital assets whose success is dependent on and shared with all its users — a unique approach to decentralised finance.
The idea is in line with the original concept of creating a shared ‘digital economy’ instead of mirroring a system where the traditional institutional lenders and service providers benefit while the people pay fees to use and access their own assets.
The investment group has appointed a board of directors and is currently assessing nominations for the role of CEO.
The board will leave the day-to-day operations to the CEO and their team with a clear mandate — to restore and build COSS the brand for success.
Rune and the previous technology, operations and marketing teams will no longer be involved with COSS. We appreciate their work in the past and wish them all the best for future endeavours.
Satyarth will continue to remain on board with us and support the community management, marketing and PR team.
New Technology Partner
The new management has carefully evaluated several options to ensure COSS has a stable, scalable and continuously improving technology platform.
We have partnered with XHUB — a financial and trading technology company.
The XHUB team has vast experience in working with brokers, hedge funds, and proprietary trading firms.
XHUB maintains one of the largest cryptocurrency liquidity and order routing systems in the industry, and a trading platform which has been exclusively and extensively used in-house by large trading firms.
The XHUB technology team will extend its support to COSS API consumers and encourage them to keep building trading applications for the community. Consumers will have access to extensive historical and real-time market data which will allow them to create advanced strategies supported by back-testing.
Roadmap
A general roadmap of the board’s vision for the immediate future is included below. We remain focused on ensuring that COSS provides a reliable trading platform for retail and professional traders alike.
Q1–2020
Exchange Relaunch
COSS will relaunch the exchange platform and enable full trading on supported pairs
Current COSS account holders will be sent new login credentials via email and an invitation to begin trading
COS holders will be allocated 100% of the fees generated by the exchange until the FSA dashboard is completed and launched
Balance transfers from previous exchange platform are initiated by the account login. This begins the final-phase of the account audit.
Withdrawal of audited portfolios / balances will be available within 48 hrs of the account portfolio transfer
API Release
REST and Websocket access to market data
REST access to account and trade endpoints
Websocket access to account end points
FIX Engine quote and trade functional release
Mobile Trading App (iOS, Android)
Beta release of the full-featured mobile app
Full public launch of the trading app
Listing Policy Release
Compliant with all regulatory requirements
API Community Development
GitHub community to showcase public projects
Technical support
Budget allocated for development competitions
Q2–2020
Mobile Wallet App (v2) (iOS, Android)
Release of the full-featured wallet/payment and proximity peer to peer payment app
Metaquotes MT5
Release full scale derivative trading platform for Windows, iOS and Android
Enabling:
Cryptocurrency arbitrage between popular exchanges
Forex, Commodities and Indices with institutional enterprise grade liquidity
Expert Advisors, MQL5, back testing and bot trading
Regulatory Licensing
Leverage trading will be reduced as the final step for licensing
Vendor and Payments API
Release of web and mobile payment processing for merchants
Roadmap will be updated in the first and third quarter every year, and will cover plans for that period.
Relaunch FAQ
The exchange will be operational on 4th March, 2020.
To adhere to existing anti-money laundering, counter-terrorism financing and know your customer regulations, existing users will need to complete level-1 KYC. This can be done with a single government-issued photo identity document.
Final phase account audit clearance is subject to KYC approval.
COS token trading will be available on the COS_USD pair. More pairs will be added as trading activity improves.
Maker and taker fees will be set at 0.05% and 0.1% respectively.
Trading fee discount and negative maker fees will be discontinued.
An updated COS holding based fee tier system may be introduced in the future.
The Fee Split Allocation (FSA) dashboard is under development. However, FSA will be tracked and accrue from day one. COS held in private wallets will need to be re-identified and linked to your new user accounts once the dashboard is launched.
We will initiate a delisting procedure for some assets. A complete list of pairs and the withdrawal process for the same will be released at a later date.
Crypto deposits will remain at 0 fees. A fee schedule for crypto withdrawals will be published on the website.
Fiat deposits will be available via Epay and transfers from Epay wallet to COSS will be at 0 fees.
Deposits through credit and debit cards will be introduced at 4% fees.
We will add more fiat options including withdrawals in the coming weeks.
Thank you for all your support and feedback.
We are expecting a rush to access COSS accounts and will complete verification for all applicants as quickly as possible. We apologise for any unforeseen delays during the process. You can reach us on [email protected] in case you require any further assistance.