A Primer on COBINHOOD: the company, the ICO, the tech, and the team
Video and full transcript of the first live AMA with CEO Popo Chen
From backgrounds to future plans — COBINHOOD CEO Popo Chen took some time off his busy day to anwer the most commonly asked questions by you!
If you missed the live stream, you can watch the video above or read the transcipt below.
This is the first installment of our weekly live AMA scheduled every Tuesday at 10:30 GMT+8. If you want Popo to answer your questions, you can comment below or add it to the list of queries here.
What follows below is the transcript of the live stream. Some text may appear different from the video and has been annotated for clarity.
Host (Q1): Hi everyone, glad to see you on COBINHOOD live streaming channel! I am Joanne. Also, we have Popo Chen, the CEO and Founder of COBINHOOD today, to answer some of the questions the you guys asked in our social chat rooms. Popo, would you introduce a bit about yourself and COBINHOOD?
Popo: Hey everyone, I’m Popo Chen, the CEO and Founder of COBINHOOD.
We are more than happy to see you guys talking about COBINHOOD!
Today, I would like to introduce COBINHOOD to you, as well as answer some of the questions you mentioned in [the chat rooms].
I am a serial entrepreneur, I have successfully exited 3 companies within 3 years. And COBINHOOD is the most exciting company I have ever built.
COBINHOOD is a cryptocurrency service platform for the blockchain era. The first service we will launch in this November, is our ZERO trading fee exchange. This exchange will be a real-time and high security platform.
Our goal is to achieve ultimate trading experience for traders around the globe. In the long term, we aim to shape future economies through cryptocurrency.
Host: Wow sounds exciting! We just launched our ICO on September 13th!
We noticed that there are plenty of questions being raised in our social chat rooms.Today, we’ve collected some of the questions, and Popo will answer these questions directly.
And if your questions are not covered today, please leave us a message so that we can include them in the next live show.
Host (Q2): First, I believe this is the questions that people always ask about. How will COBINHOOD profit if there is no trading fee charged?
Popo: Yes, one of the questions that people often ask me about COBINHOOD is how do we make money if we are charging zero fees.
That’s a very good question. The answer is that, we provide margin trading loans with up to 10x leverage. And the loans will be subjected to interest rate.
Also, in 2018, we will launch ICO underwriting service, and we will charge a certain percentage of the tokens that is underwritten by us.
Host (Q3): Cool! As the ICO is now in progress, could you let us know if [there are] any privileges for the COB holders?
Popo: COBINHOOD ICO participants will be eligible for several privileges, for example, 50% off margin trading loan interest.
And another privilege is that ICO participants can get ICO tokens underwritten by us at a significantly lower rate.
Of course, we will have more privileges for COB holders in the near future.
Host (Q4): Speaking of that, some of the contributors were asking that… Why we keep such a good project low profile?
Popo: We are working on it. Our team is working on the public awareness of COBINHOOD. I am confident that more and more people will recognize COBINHOOD’s vision to become the best financial center for the blockchain era of the world, more people will join us.
Yeah, we really looking forward to more exposures.
Host (Q5): I noticed that lots of Americans, Taiwanese and Chinese are interested in COBINHOOD, why can’t they join the ICO?
Popo: There are regulations on ICO in these countries. We believe that blockchain financial system will be under regulation in the future and we are more than happy to see that coming.
We plan to operate under full legal compliance.
“We believe that blockchain financial system will be under regulation in the future and we are more than happy to see that coming.
We plan to operate under full legal compliance.”
— Popo Chen, COBINHOOD CEO
Host (Q6): As people are paying attention on COBINHOOD ICO progress and notice that the distributed tokens increased significantly, why is there, suddenly, added 15,000 ETH?
Popo: That’s because we want to reflect the complete picture of COBINHOOD ICO, so we added the included private placement amount into the ICO progress bar. All COB token distribution status can be verified on COB token smart contract.
Host (Q7): Great! Well, though I don’t think this would happen, what will we do if there are any unsold COB tokens?
Popo: Well, the unsold COB tokens will be reserved by COBINHOOD team, which will be under vesting schedule, which is 10% every year. So it takes 10 years for all tokens to vest.
Host (Q8): You just mentioned that COBINHOOD exchange will achieve real-time trading How [will] you make it happen?
Popo: COBINHOOD’s backend team is a very powerfu team and has developed a proprietary order book matching engine that can process millions of orders per second for every trading pair and under sub-millisecond latency. The whole system is designed to be fully distributed, highly available, and auto scalable.
Host (Q9): Then how do you make sure all the crypto assets are safe?
Popo: At COBINHOOD, we see asset security as our top priority.
COBINHOOD will store 98% of crypto assets in an offline multi-signature vault, which requires 5 out of 8 geo-distributed hardware security modules to open. The assets in the offline wallet will be ultra secured. In addition, the assets stored in online wallets will be backed by insurance companies.
Host (Q10): Let’s talk about the coming service — COBINHOOD exchange — now! What will COBINHOOD do to support multiple FIAT?
Popo: COBINHOOD will have subsidiaries in major FIAT countries and work with local banks to provide multi-FIAT service.
Host (Q11):Let’s move to our future services, ICO Underwriting. What’s the standard for our ICO underwriting and how do you decide [if] an ICO project is qualified or not?
Popo: That’s another good question. COBINHOOD will only underwrite million dollar companies. We don’t underwrite those companies that just have white paper. And we will do due diligence on every ICO project we underwrite smart contract code review and legal compliance for those ICOs.
Host: These are what we have for today, thanks so much for spending time with us.
I believe there will be more questions. Let’s see what kind of questions we just received in the live streaming.
(Q12): The first one we received is: what technology do you intend to use to build a decentralized exchange?
Popo: COBINHOOD’s [technical] development team has very solid knowledge on blockchain technology. We plan to build our COBINHOOD chain that will enable the interchain operation of high frequency exchange of different crypto assets and this will enable a global payment system among different cryptoocurrencies.
Host (Q13): The next question we received about COBINHOOD is, where [is] COBINHOOD team based?
Popo: The COBINHOOD team is based in Taiwan and US for technical development and the company is based in Cayman Islands.
Host (Q14): Speaking of the team, here comes another question — lots of people noticed that Du Jun was our CSO and he’s no longer listed [on the] COBINHOOD website?
Popo: Yes, because of China’s regulation on ICO… Du Jun was our CSO, chief strategy officer, he’s responsible for… [he’s our] go-to [officer for] market strategies. But at this [time] he cannot be involved in our ICO projects, at least for now.
Host: I believe this is all for day. Have a nice day! And we’ll see you next week.
Popo: See you next week!
Host and Popo: Bye!
End of transcript