Update: ZEBI (ZCO) is now live trading on Koinex at a very good premium. The issue still remains, no other exchange currently where you can buy/withdraw from.
Koinex announced the listing of ZCO (Zebi) on Friday. The deposits have already started and we now await the opening bell of the token trading. Alas!, that’s not true. I haven’t deposited ZCO and I don’t want the trading to start. Why? Because I don’t know where to get them.
This is a problem so many of us are facing right now. But we will get to that in a minute.
What is Zebi (ZCO)?
Zebi is an organisation that is aiming to take all your sensitive data like land deal records, healthcare records, employment records on blockchain. Often such data is stored in centralised systems susceptible to hacks and loss of data. Moving such records to blockchain would ensure 100% tamper proof storage.
A data requester like banks., hospitals, etc can request data of an individual through the Zebi layer from the blockchain, ensuring that only the necessary data is shared via smart contracts. Smart contracts will also automate the verification processes for many industries. Zebi is an Indian company based out of Hyderabad and founded by a team of MIT, Stanford, IIT veterans. They are also registered in Singapore.
Zebi’s token ZCO was sold in the ICO at the rate of 1 ZCO = 0.000033 ETH. The token is currently trading between Rs. 11 and 12. ZCO is an ERC20 token.
Koinex is Listing Zebi
Out of all the coins in the world, Koinex decided to list ZCO this Friday. It is becoming impossible to get this coin anywhere. The deposits are live right now. The trading should begin anytime from now and like me, many have not been able to deposit ZCO to their wallets.
Where can I get ZCO to Deposit on Koinex?
This is the Million Dollar question. Currently ZCO is only listed on 2 exchanges. IDEX and Qryptos. Both of them are frustrating right now.
The exchange takes 1-2 weeks for verification. You cannot withdraw without verification. My account has been pending for 2 weeks now, however one of our reader’s account was verified within a day.
On top of that, Qryptos do not do withdrawals over weekend. This is their actual answer on the FAQ
QRYPTOS processes withdrawal requests (crypto & fiat) from Monday to Friday.
Crypto withdrawal requests initiated by 12:00pm JST (UTC+9) will be broadcast to blockchains by 12:00am JST (UTC+9) the next day.
Withdrawal requests can be delayed or halted due to security checks and technical issues.
IDEX is a decentralised exchange. A good alternative to Etherdelta. However, the trading on IDEX is under maintenance. So I cannot get ZCO from IDEX. The maintenance will run for ‘Unknown time’, but they are ‘trying their best’.
So I cannot deposit ZCO in Koinex and sell them maybe at a premium
Most of us deposit new tokens to exchanges and try to sell in the very first minute at a premium over it. That is the arbitrage profit. But not today. You cannot deposit, but just hope to buy ZCO from whoever has already deposited. Nothing more. Only ICO investors or early buyers would be doing that.
Zebi is Busy trying to get listed on OKex
While we struggle to figure out a solution to the deposit problem, Zebi’s CEO Babu Munagala posted a weird request on the official telegram group and pinned it.
- It is asking users to sign up to OKex using a referral link shared.
- Then transfer 1 ETH to the OKex Wallet.
- Email the user ID to Info@zebi[dot].co
While no other information is revealed, the CEO and the support team are trying hard to get people to register. Perhaps it is for listing. Many speculations have been raised. Such as, ‘It is to show we are not bots’, ‘Maybe to show OKex users want ZCO so they are bringing ETH to buy’, some even called it a scam.
In all of this commotion, our anonymous intern asked the community manager if she was aware of Koinex listing. Turns out she wasn’t and she did not reply after we sent her the screenshot of listing.
To Summarise the entire situation in one line – Koinex is listing a coin that cannot be purchased/sent to koinex, and Zebi’s employees aren’t even aware of the listing. So only ICO investors and early buyers can sell today.
Did you buy Zebi (ZCO)? Let us know in the comments below how