Covesting is a peer-to-peer digital asset management platform which aims to pair novice investors who do not have the time to watch currency markets with traders.
A new platform for the trade of cryptocurrencies could change the way users are investing in digital currencies. The team behind the platform are all former Saxo Bank employees and headed up by Dmitrij Pruglo, a professional equity and fx trader.
In the announcement, it was stated the start-up, Covesting, will revolutionize cryptocurrencies. Covesting is a peer-to-peer digital asset management platform infrastructure for pairing investors and cryptocurrency traders. The platform will allow investors to mirror the trades of professional cryptocurrency traders without the risk of sending the trader any funds.
The team behind Covesting is made up of individuals with prior management and financial trading experience at leading banks including Saxo Bank, JP Morgan Chase, SEB Bank, and Zurich Insurance. They also have vast experience in the finance and tech industry.
Covesting was recently started in Gibraltar, which is known for being one of the most ICO and regulation-friendly places in the world. In the Pre-ICO stage, which Covesting finished on November 19, the company raised over $1.1 million and grew their community on Telegram to over 2,200 members.
Covesting aims to bring copy-trading to the crypto industry. Thousands of new cryptocurrency investors are joining the blockchain revolution daily. Many do not have the technical trading experience or the knowledge of the cryptocurrency industry to make sound investments. Covesting hopes to solve this problem in two ways, by offering the Covesting platform and the Crypto Intelligence Portal.
Through the Covesting platform, novice investors will be able to deposit BTC, ETH or their proprietary token COV, into an account on Covesting. Investors can then convert their BTC or ETH to COV and use the COV to subscribe to a professional cryptocurrency trader. The mutually beneficial idea allows novice investors who do not have the time or ability to make the trades necessary to realize the largest gains.
It is not uncommon for coins to gain 100% or more in a single day. These are opportunities often missed by novice investors who have families, jobs, and other priorities. Now, Covesting allows the novice investor to make the most of their investments.
With positive performance on the platform, traders can even begin their own career as fund managers. Successful traders will attract more subscribers, increasing their earning potential. Traders will be able to execute their deals from any of their favorite exchanges and can continue trading as they do today.
Covesting is also currently building the Crypto Intelligence Portal. This was billed as the largest knowledge base of all cryptocurrency related information. The company has partnered with a number of cryptocurrency experts who will write over one hundred original articles to teach investors and traders. These will feature everything from the very basics of cryptocurrency, to reading advanced trading charts.
The portal will also receive news articles from a carefully chosen list of sources. The team behind Covesting has opted to go with an Initial Coin Offering (ICO) in order to develop the platform within the shortest period of time.
By doing this the company provides an opportunity to take part in a crowdsale while benefitting from its growth prior to the beta-version launch of the platform. Proceeds from the token sales with fund the product launch as well as continued platform development, and user acquisition. The ICO opened November 24 and will run until December 24.