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Cobinhood was a cryptocurrency exchange token launched in 2017 that aimed to provide zero-trading-fee cryptocurrency trading on its platform, distinguishing itself from competitors by eliminating transaction costs for users. The token was designed to give holders governance rights and access to premium features on the exchange while incentivizing early adoption through token rewards. However, the project ultimately faced challenges and ceased operations, serving as a notable example of how even innovative blockchain projects must overcome significant market and operational hurdles to succeed.