Update on 20th June 2019:
The COSS and LALA merger will commence on 25th June 2019, 1400h GMT+8
Please take note of the following:
- Withdrawals of COSS and LALA tokens will be disabled on 24th June 2019, 1600h GMT+8
- Trading of all COSS and LALA pairs will be stopped 25th June 2019, 1000h GMT+8
- COS withdrawals will be enabled on 27th June 2019, 1700h GMT+8
Original post on 12th June 2019:
Dear members of the community, users and token holders -
This announcement will highlight two important things:
(i) Our brand and what we stand for
(ii) Much anticipated details of the token merger and swap process
After a lot of internal deliberation and feedback from the community, we have decided to keep ONE BRAND IDENTITY — COSS — ‘Crypto One Stop Solution’.
We are branding all our products as — Crypto One Stop Solution or, as the world popularly knows us already, COSS. The name encapsulates our vision perfectly and that is what we will continue to work towards.
Here are the specifics:
- The new merged token will have the ticker COS
- The COSS Group website will be accessible at COSSgroup.com and will become our primary website
- COSS.io will continue to be the home of our exchange
- Arax Wallet will be rebranded as COSS Wallet
- COSS Wallet will have a dedicated website on COSSwallet.com
A brand identity is an important aspect of a company. It encompasses our mission, reflects our drive to succeed, and helps us develop a unified brand image and marketing strategy. We wanted something that gives a nod to our combined legacies and yet points the way to a new future ahead. This is a process that requires careful design and thinking, and our new brand identity will be unveiled in the very near future.
The Token Swap Process
All COSS and LALA tokens will be swapped for your new COS token only on COSS.io exchange. The swap commences on 25th June 2019 at 14:00 GMT+8.
The new ticker is COS to avoid confusion with existing COSS token contracts. The same will be listed on portfolio tracking apps, Etherscan, market tracking websites and everywhere else.
The swap ratios remain unchanged. You will receive:
- Swap Ratio of COSS : COS = 1:1
- Swap Ratio of LALA : COS = 10:1
Token Swap Details:
- The swap will be done ONLY on COSS.io exchange
- COSS and LALA tokens from other exchanges and external wallets MUST be deposited to COSS.io to swap the tokens to COS
- Trading on COSS and LALA pairs will be halted on 24th June 2019. We will announce, in advance, the time when trading will halt and all open orders canceled
- Withdrawals of COSS and LALA tokens will be disabled on 24th June 2019. The time will be announced. Deposits will remain unaffected.
- FSA will be disabled from 25th June 14:00 GMT+8 to 01st July 2019, 14:00 GMT+8
- COSS and LALA tokens in FSA wallets will be converted to COS tokens during the week commencing 01st of July, 2019
- The swap will continue on COSS.io for at least 3 months from 25th June 2019. We shall announce if any further extensions to this window are to be made.
After you have swapped your COSS and LALA tokens to the new COS token, you can safely withdraw your COS token to an external wallet if you like or receive trading discounts on COSS as before by keeping it on COSS exchange. You will be able to accrue the Fee Split Allocation (FSA) by setting up your unique identifier on the external wallet as before. You will have to set up a new external identifier. The tutorial on our website will also be updated to walk you through the process.
Step by step swap instructions:
- Log in to COSS.io and go to COS Swap in the side panel
- Your COSS and LALA balances will be displayed, along with the total COS token you will receive after the swap
3. Click on “Convert to COS” — a window will pop up with terms and conditions of the swap. Please check the box and confirm by accepting
4. You will now be able to see your new COS tokens in your COSS.io wallet
Your new COS tokens will have the following existing as well as additional utilities going forward:
- Fee Split Allocation (FSA) — all COS token holders receive a 50% split of the total trading fees COSS collects on a daily basis, based on their holdings.
- Trading Fee Discounts — traders can pay trading fees on COSS.io using the COS token to get a discount on the usual trading fee.
- COSS Wallet features, utilities, promotions and discounts — you will be able to utilise your COS and other balances on the COSS Wallet app to make GPS-based transfers, mobile credit top-ups, earn reward points and access a host of other features which are being built into it.
The new COS token combines the utility of what were previously two separate products with their own set of features into one super-token powering one ecosystem — the Crypto One Stop Solution ecosystem. We believe the COS token surpasses all existing exchange tokens in the market in terms of utility.
We would like to thank all of you for your feedback, support, and participation. The start of the COS swap marks the start of new initiatives and continued efforts to build and improve. Look forward to more new developments coming from us!
We will be in touch again soon.