FCoin to list IOTA [MIOTA], EOS on platform
Chinese crypto exchange FCoin said on Saturday that it would list IOTA [MIOTA] and EOS trading pairs this week. MIOTA will be added on FCoin’s platform on Wednesday, followed by EOS on Friday. However, the exchange did not disclose the specific opening hours.
New listing announcement: FCoin is adding IOTA and EOS trading pair. The IOTA (MIOTA) related trading pair will be opened on July 25 2018, and the EOS related trading pair will be opened on July 27, 2018. #FCoin $IOTA $EOS pic.twitter.com/wxj3t8eRHJ
— FCoin Asia (@fcoin_asia) July 21, 2018
FCoin has been in the news a lot lately, with the exchange attracting 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.
This would shrink the cost of trading since the coins can be redeemed to cover commission expenses or held in reserve for a later time.
This 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 at $3.28 billion, data from CoinMarketCap showed.
Not everyone is too impressed with the trans-fee mining model. Binance CEO Changpeng “CZ” Zhao has accused FCoin of taking advantage of its users with the its revenue model.
According to Zhao, the exchange could not be compared to Binance despite its great market performance, as the former was involved in a volume fraud. He attributed constant media hype and a pyramid scheme like business model for FCoin’s sustenance so far, but he pointed out that it was doomed to fail sooner than later.
The exchange is also battling criticism for reportedly being the reason behind a series of Sybil attacks that congested the Ethereum Network recently.
Could FCoin listing prop up prices?
On account of its high transaction volumes, the exchange’s decision to add both coins to the platform could be a positive. But sentiment in the broader cryptocurrency market was gloomy on Saturday, with most coins correcting earlier gains.
As of 1534 GMT, EOS was trading 1 percent lower against the U.S. dollar at $8.05. MIOTA rose 1.6 percent against the U.S. dollar at $1.01. At the time of writing, both coins were exhibiting a downtrend and trading was locked in bearish territory.
Image via Shutterstock
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