What is Covesting?
They’re planning on launching the first social mirror trading platform in the crypto currency market.The new platform aims to bring professional traders together with investors by offering a decentralized copy trading platform. The platform will be similar to how the popular platform etoro works but for the cryptocurrency market instead of stock market.
What is Copy-trading?
Who Is Developer Of Covesting Ico ?
Covesting, a blockchain start-up by former Saxo Bank traders, is developing a revolutionary Copy-trading platform using one of the hottest trends from traditional investing. The company aims to address problems that every inexperienced investor faces – lack of knowledge and experience required to benefit from quickly developing crypto markets.
Covesting platform will allow its users to “subscribe” to professional cryptocurrency traders who are searchable by investment strategy, risk, past performance, user reviews, and popularity. By subscribing, Covesting’s platform will automatically replicate all the trades made by the professional trader in real-time to investors account. Covesting brings a mutually beneficial peer-2-peer investment management solution, where any cryptocurrency trader can become a full-scale asset manager and receive success fees by allowing others to follow his strategy.
How Covesting work?
All they have to do is register on the website and fund their account with Bitcoin or Ethereum. Find the best traders on the platform by checking their track record and previous trades. Copy their trades- after the investor has selected the person they wish to follow. They can then choose the amount they wish to invest with each trader. All they need to do after that is monitor the results and unfollow anyone that they’re not happy with.
The new website will use the COB token which is ERC20 token built on the Ethereum blockchain. COB token will be quick and easy to transfer between ERC20 wallets. The token will have a total supply of 20,000,000, 1,500,000 will be sold during the pre sale, 15,000,000 sold during the ICO, 2,500,000 distributed to the founders which will be locked in a smart contract for 3 months, with the final 1,000,000 distributed to advisors and bounty participants. The token will be used by investors for them to be able to follow traders, this will create a demand for COV which will depend on the success of the new website. COV will be generated by smart contracts when an investor purchases them using ETH or BTC which means that the new currency will be backed up by Ethereum.
Covesting are projecting that by the year 2020 there will be $50 million of capital copying trades on the website which should dramatically increase demand for their token.Members buy COV tokens in order to subscribe to one or several trading Models, provided by the Model Managers on the platform. The demand for COV tokens correlates with the copy-trading volume on the Covesting platform.. Such growth will automatically create strong demand for COV tokens and position it for multiple digit price growth.At the launch of the ICO the team will aim to recruit established funds and well known traders on to the website. They’re aiming to have 5000 members by the end of 2019.
Why purchase Covesting early?
If you take part in the Pre-ICO now, you may easily increase your capital at least three times, with a very probable increase to 30 times as soon as COV starts trading on the exchange and first copy-trades start generating commissions in the Asset Contract.
How will Covesting Gain profit?
The new company will have 2 main revenue streams:
Exchange commission: Every time a user wishes to purchase COV they’ll be charged a 2% fee.
Platform commission: 10% will be charged on all profits that investors make by copy trading.
Rewards for holding tokens
Instead of issuing dividends which create additional regulatory problems, The team is planning on using 50% of the revenue generated on ‘burning’ tokens, this means that tokens will be bought from exchanges and taken out of the available supply. This should then increase the value of the token.
October 2017: Pre ICO
November 2017: ICO and platform prototype.
December 2017: Finalizing development of the website.
January 2017: Exchange listings of the new COV token.
February 2017: Beta version of the website launched.
March 2018: Continuing to acquire new investors and traders to the website.
2019 and beyond: Goal of having over 4000 users of the website
Founding team members
* Dmitrij Pruglo, Founder & CEO: Has 12 years of experience in equity, derivatives and foreign exchange trading. Previously worked for SEB bank and Saxo bank.
* Timofej Voronin: 12 years of trading experience, worked with Dmitrij at Saxo bank. Also worked for Swedbank, Orion securities and Argo traders.
* Sergey Sevantsyan, CIO,CTO: Has 20 years of experience in the IT industry, founded the company IBW. Consultant and project manager crypto funds and previous ICO’s
Pre sale details
The first opportunity to purchase tokens will be during the pre sale which will run from the 20th of October until the 19th of November. Buying tokens early will be at the discounted rated of 1 ETH=300 COV.
Covesting state that they have the funds available for development but the funds raises from the initial sale will allow them to grow their team and guarantee that the prototype website will be ready before the official ICO.
The pre sale goal is set at 2000 ETH with the max cap at 5000 ETH.
The funds raised will be split, 65% for the product development team and 35% for additional marketing.
Covesting pre-ICO details
Pre-ICO for early investors has already started and will run for 30 days unless the hard cap is reached earlier. Token purchase rate is fixed at 1 ETH = 300 COV during the pre-ICO, which offers a significant discount compared to an average rate during ICO, which will be 1ETH = 150.
- Coin Name: COV
- Coins available in pre-ICO: 1,500,000 (7.5% of total coins)
- pre-ICO date: 20th Oct 2017 – 19th Nov 2017
- Price: 1 ETH = 300 COV
- Target: 5000 ETH
- Website: www.covesting.io
Pre-ICO participants will largely benefit from the early discovery of Covesting project, which provides a fantastic opportunity to purchase Covesting Tokens at a significant discount. However, there is a very limited amount of Tokens available at Pre-ICO round, which provides the lowest possible purchase price.
Learn more about Covesting: https://covesting.io
Covesting whitepaper: https://covesting.io/Covesting_White_Paper.pdf
Follow Covesting on Facebook at https://www.facebook.com/covesting
Follow Covesting on Twitter https://twitter.com/covesting
Join Covesting Telegram channel at https://t.me/covesting
Copy trading seems like the perfect concept to introduce into the crypto world, there’s so many newbie investors compared to other markets, with more and more joining. The 18% charge on profits will be sure to entice professional traders on to the platform as their current own profits can still remain the same.
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