Arax, a fintech and blockchain startup in Singapore has merged with COSS, Singapore-based cryptocurrency exchanges.
The companies announced that they will adopt the Crypto One Stop Solution brand that will allow users to trade, store, transact, and spend their digital assets from one platform with one ID.
The utility tokens of both platforms merge into one token that powers one ecosystem. It is called COS. The company claimed that the COS token currently surpasses all existing exchange tokens in the market in terms of utility.
Arax offers a multi digital asset storage and utility product, providing support for several blockchains. Users remain in full control of their private keys while being able to send, receive and spend digital assets on utilities like mobile top-ups (which is supported in 160+ countries), access instant digital asset exchange and make GPS-based transfers.
COSS was launched in mid-2017 and has slowly built its feature stack to support a secure smart contract enabled wallet management system. It also supports five stablecoins, fiat payment gateway for international currencies, listing over 90+ listed digital assets and providing a Fee Split Allocation feature, which lets token holders receive 50 per cent of all trading fees generated by the exchange, distributed through a DAO (Decentralised Autonomous Organisation).
“Our focus has been crypto adaptability for the masses. Now users who used to storing it on one platform, trading it on another, and sending it to another for every way they wish to spend it will no longer require to do so,” said Sankalp Shangari, Group CEO of COSS and Founder of Arax.
Rune Evensen, Co-Founder and Chief Product & Strategy Officer of COSS, continues by highlighting that COSS will be open still to partner with more providers that wishes to offer its products and services through the newly merged ecosystem.
The token swap to merge the COSS and LALA tokens begins on June 25, 2019 on COSS platform.