[COV] Covesting DLT License is big news for crypto
“We are very excited to become one of the first companies to receive a DLT providers license and offer fully compliant cryptocurrency trading services to all of our customers.”– Dmitrij Pruglo, Covesting CEO, Co-Founder
For those not already familiar, Covesting operates a full exchange including aggregated liquidity from external exchanges. Their main product is a copy-trading platform where novice investors can follow full-time successful traders.
The DLT license is big news for the crypto space. Bank and credit card deposits can be made straight into the Covesting platform which lists nearly 100 digital assets. Furthermore, the platform is open to citizens of over 150+ countries. (Exceptions include the United States and countries with sanctions.)
One of the main issues holding crypto mass adoption back is ease of access to purchase crypto assets. Not even Binance, one of the largest exchanges in the world, has progressed to a point of providing bank and credit card purchases. Covesting is providing a simple, straightforward solution to this problem. For that reason, Covesting is well worth following.
Because of the Covesting DLT License issuance from Gibraltar, deposits and withdrawals on their platform will commence shortly after the 23rd of October
For the last few months, Covesting has been running a beta test and there are currently no major bugs outstanding. The exchange is stable and ready to launch to the masses, searching for a way to gain exposure to this booming, but highly volatile, market. Covesting brings decades of trading and banking experience from the Danish investment bank, Saxo Bank, where Covesting CEO Dmitrij Pruglo spent his formative years.
Currently, the best traders from the Covesting beta have 65%, 50%, and 49 % returns on invest in under a month. (Picture below is just meant to showcase how trader ranking works.)
With copy trading, profit split is 18% to the trader, 72% to the investor. The remaining 10% of any profit generated is taken as a fee. There is also a 2% deposit fee for copy trading, and the usual exchange trading fees.
One of the most important features of Covesting is that 50% of all fees paid by users goes back to Covesting (COV) token holders. This is in the form of a token burn. Using the funds from the fees, COV tokens are taken from the market and locked away in a smart contract forever (‘burned’). This is meant to add value to and incentivize the use of Covesting tokens.
“We are proud of Covesting’s latest achievement and are excited to continue sharing this journey with all our community members who have offered us unprecedented support.”