CoinField, a prominent Canadian cryptocurrency exchange, has announced a significant expansion of its services. This strategic move introduces eight new cryptocurrencies, supports four additional fiat currencies, reduces fees, and deploys a powerful new matching engine. These advancements are designed to solidify the platform's foundation for its global expansion into European, Asian, and Latin American markets beginning in September 2018.
A Leap in Trading Technology and Capacity
At the core of this upgrade is a completely rebuilt matching engine. Developed in-house by CoinField's technical team, this new system represents a monumental leap in processing power and reliability.
The exchange's Chief Technology Officer, Reza Bashash, stated, "Our matching engine is now powered by enterprise-grade technology, capable of handling up to 75,000 transactions per second and over 1.5 million API calls per second." This immense capacity ensures that the platform can maintain speed and stability even during periods of extreme market volatility, providing a seamless experience for all users.
This technological overhaul, combined with enhanced security protocols, positions CoinField as a highly competitive player on the global stage, aiming to be one of the world's most advanced independent cryptocurrency exchanges.
Broadening the Crypto Horizon: Eight New Listings
A major part of the expansion is the diversification of its trading portfolio. In September, CoinField will integrate eight new digital assets into its exchange, offering users a wider array of investment opportunities. The new cryptocurrencies include:
- Zcash (ZEC): A privacy-focused cryptocurrency.
- 0x (ZRX): A protocol for decentralized exchange on the Ethereum blockchain.
- Golem (GNT): A decentralized marketplace for computing power.
- OmiseGO (OMG): A financial technology platform for asset exchange and payments.
- Zilliqa (ZIL): A blockchain platform designed to scale through sharding.
- Augur (REP): A decentralized prediction market platform.
- Basic Attention Token (BAT): A token for the digital advertising industry.
- Salt (SALT): A platform for blockchain-backed loans.
This expansion beyond major cryptocurrencies like Bitcoin and Ethereum allows traders to access a more diverse set of projects and use cases within the digital asset ecosystem.
Expanding Global Access with New Fiat Currencies
To truly enable global trading, CoinField is dramatically increasing its fiat currency support. The platform will now directly accept deposits in four new fiat currencies, making it easier for users worldwide to fund their accounts and enter the crypto market.
The new supported fiat currencies are:
- Euro (EUR)
- British Pound (GBP)
- Japanese Yen (JPY)
- UAE Dirham (AED)
These will join the existing U.S. Dollar (USD) and Canadian Dollar (CAD) options. Furthermore, these currencies will form direct trading pairs with various cryptocurrencies, simplifying the process of converting between fiat and digital assets and reducing dependency on stablecoins or major crypto pairs.
Reduced Fees and a New Referral Program
Understanding that fees can be a significant barrier to entry and profitability for traders, CoinField has committed to revising its fee structure. The exchange will soon reduce certain trading and funding fees and eliminate others entirely. A detailed schedule of the new, lower fees is slated for publication on the CoinField website in the near future.
Additionally, to reward its loyal user base, CoinField will launch a global "Referral Program" in September. This initiative will offer incentives to users who bring new participants to the platform, further fostering community growth. Specific details and reward structures for this program will be announced soon.
Enhanced Security and Compliance for a Global User Base
As part of its preparation for international operations, CoinField has proactively strengthened its security and regulatory compliance measures. The exchange has upgraded its Know Your Customer (KYC), Anti-Money Laundering (AML), and Politically Exposed Person (PEP) policies.
These enhancements are crucial for building trust with a new wave of users, particularly in Europe, where interest in cryptocurrency is surging. A survey from June 2018 indicated that 25% of Europeans expected to purchase cryptocurrency in the future, on top of the 9% who already owned it. These robust security protocols ensure that all users, both current and new, are protected by the highest standards.
Strategic Partnerships for Real-World Utility
Prior to this announcement, CoinField laid the groundwork for practical crypto spending through a partnership with moonGO™. This application offers commission-free trading and allows users to withdraw funds in the form of a moonGO™ card, which can be loaded with Euros or U.S. Dollars for online purchases or at any retailer that accepts credit cards.
This partnership highlights CoinField's focus not just on trading but also on bridging the gap between digital assets and everyday financial utility 👉 Explore more strategies for utilizing digital assets.
Frequently Asked Questions
What is a matching engine in a cryptocurrency exchange?
A matching engine is the core technology behind an exchange that processes buy and sell orders. It matches orders based on price and time priority, executes trades, and updates the order book in real-time. A high-performance engine is critical for fast trade execution and maintaining liquidity.
Why is supporting multiple fiat currencies important for an exchange?
Supporting multiple fiat currencies lowers the barrier to entry for users around the world. It eliminates the need for users to first convert their local currency into a major currency like USD, saving on conversion fees and simplifying the deposit process, making the platform more accessible globally.
How do reduced fees benefit cryptocurrency traders?
Lower trading fees directly increase a trader's net profitability. By reducing the cost of each transaction, traders can execute more strategies, such as high-frequency trading or arbitrage, that would otherwise be cost-prohibitive, and they keep a larger portion of their earnings.
What are the benefits of a diverse cryptocurrency listing?
A diverse selection of cryptocurrencies allows traders to build a varied portfolio, hedge against volatility in major assets like Bitcoin, and gain exposure to different blockchain sectors, such as decentralized finance (DeFi), privacy, and scaling solutions.
What is the purpose of KYC and AML policies on an exchange?
KYC (Know Your Customer) and AML (Anti-Money Laundering) policies are regulatory requirements designed to prevent illegal activities like fraud, money laundering, and terrorist financing. They verify the identity of users, creating a safer and more trustworthy trading environment for everyone.
How can users stay updated on CoinField’s new fee schedule and referral program?
Users should regularly check the official CoinField website and their official communication channels (like blogs or social media) for announcements. The new fee schedule and detailed terms of the referral program will be published there in the near future.