Currently in beta with launch planned for Q3 2018, Covesting is a digital currency trading platform focused on copytrading - the real value for beginner traders.
Covesting: About the Platform
Covesting is a digital currency trading platform focused on the algorithmic copytrading.
Copytrading is a system that lets users copy real trades of more experienced traders for a fee that splits between the platform and the copied trader.
Copytrading is a popular method among beginner traders as the turnout is bound to be better than following an influencer’s trade calls on social media. Those do not necessarily have to be backed up by a real trade the influencer made.
They also provide a crypto intelligence section which aggregates trading ideas and news from popular platforms where cryptocurrency traders post their trading ideas and analyses.
Covesting: Token Promotion & Results
Covesting successfully completed a token sale between 24th November 2017 and 31st of December that raised the full hard cap of 25K ETH. The $COV token is an ERC20 located on Ethereum address 0xe2fb6529ef566a080e6d23de0bd351311087d567.
The $COV token is the only way users of the platform can engage in copytrading. For standard trading, fee payment is also possible in other currencies but $COV payments get a discount. The $COV tokens are utility tokens that get systematically bought off the market and burned to decrease the token supply and increase the price. The platform allocated 50% of its earnings to do that.
Token burning is not an ideal method of dealing with utility token supply growth: a bi-token system with POS is a more transparent system. See for instance LeverJ FAQ (look up LEV Token and FEE Token)
Covesting did not have a traditional token airdrop.
The objective in 2018 being to build a userbase, Covesting gives new users 300 USD worth of fees to get them start trading. This campaign is limited to 25K new signups but there are engagement bounties occasionally announced @covesting and on other Covesting social media.
Covesting Social Media Presence
Given there was no social media airdrop nor bounty with Twitter follow as a condition, the distribution of the 9K follower base that @covesting raked up is fairly genuine.
Covesting uses retweet and other more natural engagement campaigns to gain social media exposure.
There were most likely several hundreds bot accounts that got hit by one of the regular Twitter bot account removal campaigns in July 2018 but the dropped amount is negligible in comparison.
The Business Intelligence for Covesting
Covesting is a Gibraltar company based in 6, Bayside Road, World Trade Center, GX11 1AA, Gibraltar as COVESTING International with the office phone number +350 200 63333.
Covesting is a member of the Enterprise Ethereum Alliance since May 2018.
The team has a group of former Saxo Bank trading sales people in the lead:
- Dmitrij Pruglo, CEO - formerly Sales Trading in Saxo Bank
- Tim Voronin, COO - formerly Sales at Saxo Bank and Orion Securities
- Kurl Carlsson, CCO - background in luxury products, sales, marketing (among others also for Saxo Bank)
Also see Covesting on Crunchbase.
Investing in Covesting
The Covesting token, $COV, has active markets since January 2018 mainly on KuCoin, HitBTC and IDEX.
Documents archived for Covesting
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