Controversial crypto exchange FCoin opens IOTA (MIOTA) deposit

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July 28, 2018 by
Controversial crypto exchange FCoin opens IOTA (MIOTA) deposit

Chinese cryptocurrency exchange FCoin gained attention of the crypto-verse soon after it started trading in May. The reason being shockingly high transaction volumes. However, exchange was not even been listed on the CoinMarketCap, despite having one of the highest transaction volume in the world. The exchange in a recent tweet revealed that it has opened IOTA (MIOTA) deposit.

In the tweet they mentioned, “IOTA (MIOTA) will be listed at 16:00 on July 28, 2018(UTC+8) and open the IOTA/USDT trading pair in the Main Board A of FCoin.” The China-based exchange is set up by the former chief technology officer (CTO) of Huobi, Zhang Jian. It attracted a lot of criticism over its revenue model. The trans-fee mining model, which the platform has adopted, involves exchanges issuing their own native tokens as a reward for trading. Last week, FCoin broke the news that it would list IOTA [MIOTA] and EOS trading pairs soon.

Could FCoin listing be beneficial for IOTA?

Considering the high transaction volumes of the exchange, this could be a positive. Currently, MIOTA is trading at $1.02, with a market cap of $2.83, and rose by 2.51% in last 24-hour. FCoin’s unique model has enabled the exchange to see massive trading volumes on its platform. At the time of writing, the exchange’s 24 hour trading volume was $275 million, according to CoinMarketCap data. However, everyone is not impressed with the trans-fee mining model. Binance CEO Changpeng “CZ” Zhao has even accused FCoin of taking advantage of its users with their revenue model.

Transaction mining model of FCoin

The new model that the exchange follows is what makes it different from the others. Like all other exchanges, in this exchange too, you have to pay a transaction fee of 0.1% of the volume you traded. Most of the time the base currency is paid which is, for the most part, is in Bitcoin (BTC) or Ethereum (ETH). At the end of the day, the China-based exchange credits the account of the person with equivalent value in FT (native token of FCoin). Theoretically, making it a feeless exchange. However, it is to be noted that transaction fee free does not mean free FT tokens. It is more like exchanging BTC & ETH for FT.

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