What is Covesting?
Covesting is a platform that helps investors and traders achieve maximum returns in cryptocurrency markets. They provide advanced tools and a Peer-2-Peer asset management platform to help make this a reality. Investors can browse the platform for trading models that traders have provided. When they find one they like, they can subscribe to it. They will benefit from the trader’s model, and the trader receives compensation from the investor. It is truly a unique platform that is being made possible by blockchain technology.
Another nice thing about the platform is that there is no need to transfer funds to the trader directly. All trades are mirrored and executed in your personal account at Covesting. This provides a one-of-a-kind P2P asset management experience and great layer of security.
There is also a lot of flexibility being built into the platform. Real-time reporting will allow the investor or trader to stay informed on how their model/investment is working out. The investor can also diversify by subscribing to 20 different models at the same time.
Covesting has an MVP that you can check out on their website. The user interface is very well done. I have provided a couple of screenshots below, so you can see for yourself. The integration of a social aspect looks to be done very well. They also provide news and charts of the markets, so this can almost be a one-stop shop for your cryptocurrency investing. I have included a screenshot of the dashboard and “Search Traders” page below.
The Covesting Token (COV)
The Covesting Token is an ERC-20 token, which means it can be stored in Ethereum wallets. The cap on tokens is 15,000,000, which is a pretty low supply compared to most other ICOs. There are 2 types of commission generated by people using the platform, which the COV tokens will receive a part of.
- Entry Commission – This is charged every time an investor deposits funds to their account on the CoVesting platform. Essentially, if an investor wants to use the platform, they will be depositing funds. This commission comes in at 2%
- Platform Commission - These are the profits that are realized by copy-trading. This commission comes in at 10%.
Assuming the platform grows and gets good adoption, the COV tokens could be very rewarding. If you need a wallet to hold this token, check out my guide on setting up an Ethereum wallet.
Covesting ICO Details
The ICO starts 11/24/2017 and will run for 30 days, or until 100,000ETH is raised. Contributions can be made in ETH, BTC, and LTC. The contributions are done within a personal dashboard after you sign up on their site. They are using a tiered discount structure, which can be seen in the screenshot below.
The distribution of tokens is fantastic. Public ICO contributors will receive 75% of the tokens, with the rest being split between the Covesting team, pre-ico contributors, and PR/Bounty advisors. A chart of this distribution is shown below.
The team consists of 12 people and 6 advisors. All of them have strong backgrounds in areas related to this project, and LinkedIn profiles are provided. Transparency has become important, so while this seems like a small detail, it helps when doing your due diligence.
The CEO & Founder is Dmitrij Pruglo. He is a licensed financial broker with over 9 years of investment banking experience and in-depth investment products knowledge. Prior to this project he was Business Owner at Wisdom Bay Holding, which dealth with investments and portfolio building using a wide range of asset classes. Other experience includes a role as Sales Trading/Senior Executive Account Manager at Saxo Bank.
Tim Voronin is the COO & Co-Founder. Back in 2012 he included Bitcoin in his private portfolio and has been investing in cryptocurrencies ever since. He has a lot of trading experience and was also employed at Saxo Bank. Prior to that he held sales and trading positions at Orion Securities UAB FMI and ARGO Traders LLP.
Dinis Guarda is a Co-Founder. He is a serial entrepreneur in the A.I. and blockchain industries. He also worked at Saxo Bank and founded TradingFloor, which was one of the first digital social networks for trading at Saxo. For 3 consecutive years he has also been ranked in the top 50 influencers worldwide in blockchain, fintech, and social media.
A notable advisor on the legal side is Prof Simon Choi. He is an international lawyer and has over 25 years of experience in international trade, investment, finance, and M&A. He is also qualified to practice law in England & Wales, as well as in Hong Kong, China.
The Covesting project provides a unique social platform for investors and traders to find harmony. Blockchain technology is making new platforms like Covesting a reality, so it will be exciting to see it in action when it goes live. The team is large and very experienced in this area, so they have the ability to pull it off. If you know someone that is really good at trading, you may want to keep an eye on this project and let them know about it! Looking for other ways to generate passive income? Check out 3 Ways to Generate Passive Income with Cryptocurrencies
Links to Covesting social and important information: