Cobinhood announces that users will be able to trade cryptocurrencies for fiat currencies on their platform.

Cobinhood, a renowned cryptocurrency exchange, recently announced the launch of fiat currency crypto trading pairs to increase their participation in the evolution of the digital asset trading market. This would give its users the possibility of trading US $ to cryptocurrencies and vice versa.

As of July 20 of this year, deposits in US $ will be available as long as the users follow all the requirements of the regulatory entities. The management of the exchange comments that this platform will comply with all the guidelines of the know-your-customer policy (KYC).

To facilitate the trading of cryptocurrencies to fiat currency, Cobinhood allied with the electronic payment company Epay to offer an intuitive payment interface. They will also seek to expand their operations with an alliance with IDG Capital, an investment company that manages more than 20 billion dollars in assets of its clients.

According to Cobinhood, IDG Capital will provide financing to support a decentralized cryptocurrency exchange (DEX). The founder of Cobinhood, Popo Chen; He commented that traders would be waiting for this opportunity to exchange their fiat currencies to cryptocurrencies so easily.

Although the market at the moment follows a downward trend, the possibility of exchanging crypto currencies with fiat currency would be attractive for more potential traders due to the liquidity they propose.