Cobinhood, a crypto service platform and zero-fee exchange, has joined financial solutions startup Zeux to help launch its initial coin offering (ICO).
The ZeuxCoin (ZUC) will use Cobinhood’s smart contracts to ensure all unsold tokens are burnt after the ICO is completed. The measure is aimed at protecting investors’ funds from dilution.
“The project has set a hard cap distribution of 50,000 Ethereum during this phase, and all funds received from the ICO will be used for the development of the Zeux Project,” Cobinhood says in a press release. “As part of our ICO support services, the offering consists of business model consulting, smart contract code review, legal compliance, deployment procedures and marketing support.”
Shaping the future
Cobinhood is not only a zero-fee cryptocurrency exchange that aims to maximise return on investment for all its customers. It also offers ICO underwriting services, Wei-Ning Huang, Cobinhood co-founder and CTO, tells Coin Rivet.
“Our vision is to shape the future with blockchain technology and anything related to it,” Wei-Ning says. “We’ve helped more than six startups launch their ICOs as well. ICO counselling is our main revenue source.”
Transforming financial services
Zeux claims its mission is to transform existing financial services by making complex, expensive and burdensome financial management processes simple, convenient and affordable for users.
Zeux is an FCA regulated entity which has soft-launched its product and will officially launch its operations in the EU in 2019. It has the ambition to roll-out services to the rest of the world in 2020.
A cut of the $2.2 trillion global payment industry
Zeux is aiming to cut into the global payment industry, which is expected to be more than $2.2 trillion in revenue by 2020. In-store mobile payments are predicted to be $503 billion in a couple of years as well.
The startup combines blockchain, biometrics and artificial intelligence. “By bringing the fiat and crypto worlds together, Zeux provides an integrated solution that offers multiple functions for financial services,” it says.
Zeux is laying claim to the world’s first crypto mobile payment and investment app that offers one place to access multiple financial services. It includes secure mobile payment for both fiat and crypto, decentralised money transfer, access to numerous bank accounts, various traditional and crypto investment products. And it claims to be a secure personal data vault with know-your-customer (KYC) concierge for hassle-free account opening.
“On the Zeux platform, customers can easily manage all their financial portfolios,” says the Cayman Islands-based firm. “Zeux is a single-entry investment platform that combines the best of traditional investment options with a wide array of crypto investment opportunities.”
The Zeux platform will reward ZeuxCoin holders with benefits such as discounted investment fees and reduced FX transfer fees.
“Financial services, such as payments, FX and investment, play important roles in our daily lives as consumers,” says Frank Zhou, CEO of Zeux. “However, most of the products provided by traditional financial organisations have not been designed with ease of access, simplicity or affordability.”
Zhou concludes: “We’re excited to move forward through our coin offering with the help of Cobinhood so that we can deliver a revolutionary regulated solution making transactions fast, convenient, secure and reliable.”
Popo Chen, Cobinhood Co-founder, says the venture is also “very excited to work with Zeux as they undergo the token sale process this month. In 2017 alone, ICOs raised over $7 billion, and 2018 YTD has followed pace at over $12 billion.”