Place/Date: Tallinn – April 1st, 2020 at 7:51 am UTC · 5 min read
Over the past few months, the team of the Coinsbit cryptocurrency exchange regularly published information about the marketplace for buying goods from world-famous trading platforms, such as Amazon, Alibaba, eBay, Aliexpress and others with cryptocurrency. More recently, information on the launch of the global Coinsbit Store, scheduled for March 31, 2020, has appeared in the official social channels of the Coinsbit ecosystem.
As the exchange team informed, each Coinsbit user will be able to choose any of the available products on the platform and pay for it from anywhere in the world with stablecoins USDT, USDN, PLC, as well as with the CNB exchange token, which are stored on the user’s exchange balance. List of cryptocurrencies available for payment for goods will expand as the marketplace develops.
The main objective of the Store is to provide the crypto community with the opportunity to buy goods from world platforms with cryptocurrency, expanding the range of available goods or services by engaging new partners – both international and local. This solution will allow everyone to buy goods, for example, from eBay or Aliexpress in one click, without leaving the exchange, and using cryptocurrencies available on the user’s balance. The crypto community will no longer need to change their crypto assets to fiat funds and withdraw them to bank cards, as well as register on all these trading platforms – everything is available on one platform, and all purchases are made in “one-click”.
This solves many problems and gives new opportunities for the use of cryptocurrency. The Coinsbit cryptocurrency exchange team is always striving to create a unique ecosystem for the crypto community, so that users receive new and convenient tools for work, and also develops new vectors for implementing cryptocurrency as a payment instrument. Coinsbit Store is a vivid example, because it is an unprecedented case, such solutions and products have not yet been implemented in the crypto industry.
To develop its Store, the Coinsbit team conducted an IEO, at which developers provided everyone with the opportunity to buy a new CMT token at a price of 0.0000001 BTC. The unique feature of this token consists in the opportunity to receive special discounts from affiliate platforms and getting access to promotional products that will be available only for token holders.
It is noteworthy that a few days after the IEO and the opening of trading on the token, the cost of CMT increased by 280%, which indicates the huge interest of the community in the new universal trading platform. The ability to buy goods in world-class online stores for cryptocurrency is a truly historic moment for the entire industry, the importance of which cannot be overestimated.
The Coinsbit team also carried out a planned burning of the CNB exchange token for the first quarter of 2020. On March 30, 10% of the existing supply on the market was burned – 150 million tokens (total issue – 1.5 billion CNB). This is the number of tokens received by the exchange as a “disposal” for the services provided by the exchange – trading commissions (users can pay up to 50% of such commissions with CNB tokens), as well as other services and offers from Coinsbit, which can also be paid with CNB tokens.
This is great news not only for the exchange traders but also for the entire crypto community, since the burning of tokens in such quantity (for the first reporting period) has never occurred in the history of exchange tokens. For example: for the first reporting period, the Binance team burned less than 1% of the sold issue of its BNB token. Among other things, this is great news for CNB token holders, as the total issue of the token will become 10% less, which will affect the existing supply and increase the demand for the coin. Due to the rise in the token price, the commissions paid with CNB will become equivalently less. Recall that all users of the exchange received all CNB tokens for free by AirDrop.
The immediate plans of the developers are to conduct another IEO to raise funds for the development of Coinsbit’s OTC platform, which will work on the basis of B2P and will be launched in April this year. The platform team aims to connect 55 fiat currencies by the end of 2020, by attracting one exclusive local partner in each region to work with one fiat pair. All partners will be accredited, and will perform all necessary verification procedures for the stable and safe operation of OTC Coinsbit. Users will be able to buy cryptocurrency on the OTC platform and get it on the exchange balance.
Also, users will be able to sell cryptocurrency from their balance and receive fiat funds to a bank card in local currency. Transactions will be carried out according to the “escrow” principle, which will provide users with security and guarantee them the receipt of cryptocurrency or fiat money.
The platform team released Coinsbit OTC Token (ticker – OTC) to conduct the IEO. This token can be bought during the IEO at a price of 0.0000001 BTC. A total of 560 million OTC tokens will be issued. The token will enable users to save 15%, 25% or 50% on commissions when buying or selling cryptocurrency on the OTC platform. IEO will be held on April 3, 2020 at 11:00 GMT.