What is Covesting?
Covesting is a new start-up building high quality exchange, which aims to be legally compliant. It is established in Europe, Gibraltar - one of the best places to get DLT license. Yep they are getting a DLT license soon. The team of covessting has over 100 years of experience combines, team members are coming from places like:
Saxo bank, SEB, J.P. Morgan, Barclays, Citibank, EY, KPMG.
What they are building aims to be secure and reliable platform for cryptocurrency traders.
What is the difference compared to the other exchanges?
Authorised digital asset exchange with a wide range of cryptocurrencies and tokens
Copy-trading platform
The ultimate killing feature if you ask me. You will be able to copy the trades of a professional trader of your choice.
Algo trading
Arbitrage bots
Fiat/Crypto gateway
You will be able to purchase directly with FIAT.
COV - this is their ERC20 utility token on the Ethereum blockchain. It will be used by you and me in the Covesting platform for accesing the main features of this platform
We can expect that they roll out new features in the future and for us to use them we must buy and invest COV.
COV has only 20 million
Also the other awesome feature is that they will buyback and burn tokens.
How COV token works and what are the reasons for you to buy, hodl, use their token?
The following explanation is taken from their official telegram group:
COVESTING TOKEN USAGE INFO
This is how Covesting copy Trade will work:
Investor has $100K to invest.
Decides to follow John Kelvin (JK) because of his awesome TA.
Say COV = $10
So, $100K > 10,000 COV > mirror JK's portfolio of mixed crypto
(This process is executed by the LA in matter of seconds. COV is only a medium to translate the $100K to mirros JK's portfolio)
JK trades based on his charts.
Investor's portfolio will automatically mirror every trade executed by JK.
Note: JK does not have control of investors funds. JK trades and risks his own money.
If JK makes 50% ROI, the investors portfolio grows to $150K in value.
If investor is happy to take profit, he "unfollows" JK. The platform will execute this instructions and sell off the $150K portolio and convert into COV for the investor.
If COV = $15ea > investor receives 10,00O tokens
If COV = $1.5ea > investor received 100,000 tokens
IF COV = $150ea > investor receives 1,000 tokens
IN all 3 scenarios, investor receives $150K in value before sharing commission with trader and platform.
In reality, JK earns $9K (18% of $50K) and Covesting earns $5K (10%). This leave the investor with a net position of $136K
It's a utility token. Here are some use cases
Used as the base token to convert investors deposit to mirror portfolio of trader he is following. (you cannot copy trade without COV)
to enjoy discount on trading fees on Covesting exchange (this is distinct and in addition to copy trading)
Use COV in algo and arbitrage trading. (possibliy through a staking model. But idea is not finalised yet)
Your question: "How much value?"
There are a few possible answers (depends on what you are seeking).
Without COV, you cannot copy trade.
Without COV, you dont copy trade but you can use the exchange without discount on trading fees (Market maker pays 0.0% Market taker pays 0.02%) COV holders pays 50% of that.
Without COV, you cannot participate in arbitrage trading bot offered by Covesting.
You can register on the platform with my refferal link if you wish. Any support is well appreciated!
Also hurry and register the first 25 000 people who register get 300$ to pay their trading fees as a welcome compliment.
https://www.covesting.io/?ref=13803
Thank you for reading!
