Arax, a fintech and blockchain startup in Singapore, today announced it has merged with COSS, one of Singapore’s oldest and most resilient cryptocurrency exchanges.
The unified brand will be known as COSS – Crypto One Stop Solution. The merger also results in a merger of utility tokens of both platforms into COS token, an asset combining all the features of its parent tokens. The token swap to merge the COSS and LALA tokens begins on June, 25th, 2019 on COSS.io.
Arax offers a crypto asset storage and utility product which supports several blockchains. Users remain in full control of their private keys while being able to send, receive and spend digital assets on day-to-day utilities, including mobile top-ups supported in 160+ countries, access instant digital asset exchange, and make GPS-based transfers, among a host of other ready-to-launch services.
COSS launched in mid-2017 with a vision to become a one-stop for all things cryptocurrency. The platform has slowly built its feature stack to support a secure smart contract enabled wallet management system, support 5 stablecoins, fiat payment gateway for international currencies, listing over 90+ listed digital assets and providing a unique Fee Split Allocation feature (FSA). FSA lets token holders receive 50% of all trading fees generated by the exchange, distributed through a DAO (Decentralised Autonomous Organisation); a true use of blockchain while serving stakeholder needs first.
New COS tokens will have existing as well as the following additional utilities:
1. Fee Split Allocation (FSA) — all COS token holders receive a 50% split of the total trading fees COSS collects daily, based on their holdings.
2. Trading Fee Discounts — traders can pay trading fees on COSS.io using the COS token to get a discount on the usual trading fee.
3. COSS Wallet features, utilities, promotions, and discount — users will be able to utilize their 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.
“This is history in the making and we are proud to be building one of the largest Digital Asset Ecosystems. One vision, simple focus – crypto adaptability for the masses. No one can deny that modern digital assets have immense value as they go mainstream and as corporate behemoths begin to participate actively in the industry. While their utility in a person’s day-to-day life has been a challenge, with previous experience and an abundant network, we are on absolutely the right track and a great growth trajectory. We have created a platform – a currently live platform – which allows users to do more with their crypto assets. They are used to storing it on one platform, trading it on another and sending it to yet another for every way they wish to spend it. That is not required anymore! And we are not stopping there… we continue to build features for the future.”
– Sankalp Shangari, Group CEO of COSS and Founder of Arax
Singapore is known for its global reputation as one of the most important fintech ecosystems. The government has, and continues to support innovation, while developing a modern regulatory environment. This has led to the launch and growth of hundreds of financial technology startups developing products supported by the latest technologies. This merger sees two strong members of the Singapore fintech ecosystem coming together to become a versatile digital asset platform.
“The vision from day one with COSS was to build a true ONE STOP SOLUTION. Not to necessarily build everything in-house but to bring it all together. This merger is a huge step towards reaching that goal but it doesn’t stop there. Our roadmap is long and we are continuously looking to partner with more and more providers that wishes to offer its products and services through our Ecosystem. It is all about building a sustainable ecosystem with the users in focus ”
– Rune Evensen, Co-Founder and Chief Product & Strategy Officer of COSS