IDG Capital invests in zero-trading fees cryptocurrency exchange startup COBINHOOD
COBINHOOD, a cryptocurrency service platform startup, today launches decentralized blockchain platform DEXON with investment from IDG Capital. The new investment will allow DEXON to focus on mass adoption from the banking industry. DEXON is an infinitely scalable permissionless distributed ledger technology that eliminates existing blockchain technology that does not make for practical market adoption. COBINHOOD is the world’s first zero-trading fees cryptocurrency exchange.
IDG Capital, is one of the top VC firms with over 150 successful exits and manages more than 20 billion in assets. Some of their portfolio companies include; App Annie, 5Miles and WeCash. DEXON is also backed by other top VCs in the world. Founded in 1992, IDG Capital was the first firm to bring foreign venture capital into China. Today IDG Capital works with private equity and venture capital fund managers, investment advisors and business entities from around the world.
Founded in 2017, COBINHOOD is a next-generation cryptocurrency service platform. COBINHOOD is home to the world’s first zero-fee, high-frequency cryptocurrency trading platform. The company was founded by Popo Chen, the original founder of ’17 Media’, with the intention of shaping future economies by creating a financial center for the blockchain era. COBINHOOD believes the evolution of blockchain technology and a decentralized financial landscape will transform global capital markets and business organizations with long lasting impact.
DEXON is the fastest blockchain available on the market aimed at guiding mass adoption within the banking industry and real-world application requirements. The new blockchain technology uses parallel blockchain systems that work together to form an infinitely scalable, low-latency decentralized transaction processing engine.
“Blockchain is still in its early stages, though many industries are looking to implement blockchain and talk constantly about its benefits, it has yet to reach rapid adoption,” said Founder of DEXON, Popo Chen. “Factors like speed of transactions have been a crucial inhibitor in allowing this technology to be implemented into the real-world banking ecosystem. The innovation surrounding blocklattice architecture like DEXON, will enable use cases such as everyday banking, stock and cryptocurrency exchange, micropayments and other markets.”
Through the use of a blocklattice structure, DEXON is able to make decentralized transactions more scalable than ever before. Unlike traditional blockchain technology systems that build encrypted blocks linearly, DEXON’s blocklattice, features multiple blockchain systems that work together in parallel, making it easier to scale automatically and energy-efficiently.
Prior to DEXON technology, blockchain could only scale a few secure transactions per second, making it unable to keep pace with traditional banking technology and other real-world’s needs. However, with this new architecture, the DEXON network is ready to compete with credit card companies and bank transactions through the use of highly secure blockchain technology. DEXON will head industries in making the revolutionary shift of blockchain implementation and adoption.
IDG Capital partners include internationally reputable investors, including governments/sovereign wealth funds, pension funds, institutional investors, major charities, university endowments, family offices and business luminaries. IDG Capital brings a powerful combination of global perspective and local experience to investment management with expertise in inbound and outbound opportunities in China and the rest of Asia.