FCoin is gaining a lot of attention for its high transaction volumes. Though, there’s a high chance that you have never even heard of it and it’s absolutely ok since it started trading in May. Shockingly, a redditor shared that FCoin attained nearly 1,000,000 Bitcoin volume in 24 hours.
However, FCoin has not even been listed on the CoinMarketCap. Reportedly, it has one of the highest transaction volume in the world. The China-based exchange is set up by the former chief technology officer (CTO) of Huobi, Zhang Jian. In fact, over the last two weeks of June, a meteoric surge in FCoin’s volume has been noted. Despite that, the exchange’s success was not captured yet by major data outlets like CoinMarketCap.
Transaction mining model of FCoin
The major reason for its huge success has been linked to its transaction mining model. It makes the exchange 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 BTC or 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.
In other news, the controversial exchange has been linked to an unexpected congestion in the Ethereum network has caused a lot of hue and cry among its users and node operators. In the wake of the congestion, ETH prices started sinking and touched a low of $405.29. The comments on the redditor’s post mostly claims the exchange to be a scam. While some said that they are still trying to understand how the trading volumes of a new exchange which has not even been listed in major data outlets are going so high.
Image via Shutterstock, Reddit
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