Hi all, in this topic i will try to cover what covesting.io is all about.
Covesting was funded via pre-ICO in november 2017, and then by ICO in december 2017, as an ERC-20 token - due to the rally in december 2017, the price of ethereum rose significantly, this actually was a problem during the ICO fase, as the team had to change the price of their tokens, due to pressure from pre-ico investors.
The token sale reached it’s hardcap on december 31 2017 with just over $15 mio raised in funding, and the stats from the time of the token sale was:
16,500,000 COV tokens sold to public contributors
10,500 Unique Token Holders
600+ Traders signed up
19,000+ Facebook followers
7800+ Telegram members
5700+ Twitter followers
1 Great community
Milestones from 2018:
- februrary 17th the covesting crypto intelligence portal kicks off
- februrary 22th the covesting platform was showed to the public for the first time
- around march covesting sets up it’s HQ in Gibraltar
- may 26th the beta version of the platform went public live, the first 25000 users would be credited $300 dollars to their account, this bonus can be used to pay fee’s on the platform.
- from june 28 to july 28, covesting held their first community contest, with a total price of 3500 cov tokens.
- september 18th - KYC process began for those that already had signed up for the platform
- september 18th - Release Candidate for the platforms goes live
- september 25th to october 25th, covesting held a trading competition and a bug bounty for 200 users
- october 19th Covesting recieved DLT license from Gibraltar Financial Services Commission, now being a regulated exchange.
- october 20th Covesting celebrates 1 year anniversary, grown from 2 employees to nearly 40 employees across 12 countries and two main offices.
- october 22th Covesting launched their mobile iOS application
The road ahead:
Covesting is at the moment polishing the platform, optimizing stuff, and eliminating bugs found in the bug bounty.
When all this is done i expect the platform to go into soft launch, in a matter of one to a couple of weeks max.
Covesting have been pretty transparent about the backend and their platform, that it is essential for them to get things done properly from the beginning that is set for rapid growth and expansion.
When platform launches in soft-launch it will feature a limited amount of assets for trading, the plan is to start with the following:
Crypto (3rd party liquidity)
ETH/BTC BCH/BTC EOS/BTC XRP/BTC LTC/BTC IOT/BTC ZEC/BTC ETC/BTC XMR/BTC DSH/BTC NEO/BTC ETP/BTC OMG/BTC
Fiat (3rd party liquidity)
EUR: BTC/EUR ETH/EUR EOS/EUR IOT/EUR NEO/EUR
GBP: BTC/GBP ETH/GBP NEO/GBP EOS/GBP IOT/GBP
COV pairs (internal liquidity)
COV/BTC COV/ETH COV/EUR
After we are confident with the Soft Launch production environment with limited functionality — we are ready for rapid growth.
All cryptocurrency pairs (90+) will become available for trading.
Massive marketing campaigns will kick off from here.
An affiliate program with professional CPA networks and partners worldwide will get a green light from our marketing team.
Wire transfers will now be supported.
Payment processing companies (credit cards) are fully integrated and every user can deposit funds using the preferred method.
All trading facilities are fully operational.
Copy trading and institutions
Once the business logic and technological solutions behind the copy-trading module is confirmed by GFSC — integration will commence.
By this time, the platform will have sufficient number of traders with at least 1 month of trading performance.
We plan to introduce several types of traders to the platform — professionals (holding a relevant license) and non-professionals. Institutional onboarding and KYB will be introduced at this stage.
We will welcome funds, family offices, etc.
The COV Token burn will start at this stage with a transparent and audited smart contract used to lock part of the COV tokens received as commission in the platform either through exchange fees paid in COV or through the copy-trading module.
Q4 2018 and beyond:
algorithmic trading, derivatives, advanced order types, new social features etc. and explore new opportunities as regulations around digital assets evolve worldwide.
We will continue strengthening the Covesting brand and meet with institutional investors around the world.
We will provide an API to private and corporate investors, list new tokens, and aggressively acquire communities globally.
I’ve been using the platform the last month as participant in the trading and bug bounty competition, in my opinion this platform could do very well in the time ahead as it offers a wide variety of stuff that the usual exchanges don’t offer at the moment.
In summary Covesting is a Legally compliant trading platform, incorporated in World Trade Center of Gibraltar
- 3 licenses in Estonia, DLT in Gibraltar.
- Copy-trading (exclusively through COV token)
- Exchange (with Liquidity Aggregation : market making, hedging and offering an aggregated order book from combined quotes of multiple exchanges)
- Algo-trading (COV token staking to access features like algorithmic bots, VWAP, ICEBERG and direct Level2 trading)
- Margin-trading feature with stop-loss.
- Fiat gateway with multiple currencies support (USD, EUR & GBP)
- 50% fee reduction using the COV token.
- 50% of all platform profits go towards buy back and burn. The burning is continuous.
- Referral program paying up to 40% of referred users’ comissions.
- 24/7 Multilingual Livechat Support
- Crypto Intelligence Portal (Community-driven News and trade ideas sharing portal : ci.covesting.io)
- Mobile apps for iOS (see AppStore) + Android
- Professional team lead by ex-JP morgan, SaxoBank, Seb bank traders.
Any other pub’ers out there looking forward to start using this platform at their launch??
Some screens from the exchange, with both a light and a dark theme: