August in Review

Dear community,

Have you ever heard the classic rule that you can not look down while climbing because fear paralyzes, sows panic, and you run the risk of falling? In our case, the opposite is true. August is one of the most intense months, but at the same time, one of the most inspirational. Working at Covesting often means leaving the office at midnight, but fatigue is starting to become a thing of the past with an increased sense of motivation around the office. There are still details that need to be worked out, but the speed of work increases from the realization of how much work has already been done to the present.

Support in numbers

In this review, we want to focus on support. From the very beginning, we announced our intention to build the best support in the industry. Now, we are ready to share the results from six months of work on this idea.

We will soon launch an independent monthly column “Covesting in numbers”, in which we will share important statistics, and each of you will be able to objectively evaluate our growth as objectively as possible. Nothing superfluous and subjective, only facts.

Tickets review

During the beta testing period of the platform, we received 2,307 support calls.

• 53% of questions came through the most popular channel, Live chat.
• 16% of the communication passed through the Web Form on our website.
• The third most popular communication channel that receives 12% of total requests is the Report a bug form (built in the platform) (“Web Service” in the diagram). Most of the tickets generated from this channel were used mainly for consultation, information, and assistance, and only a small part of the tickets (14%) were for reporting a bug.

Top 10 countries we received the largest number of requests from:

United States of America, Germany, Indonesia, Russian Federation, Belgium, Ukraine, United Kingdom, India, Philippines, and Vietnam.

Three of the most popular reasons for calls are:

• KYC process,
• Promo offers,
• Dates of the full launch, and for DLT license.

We want to separately congratulate the question-winner in the “ Wishes of aesthetes” nomination: the date of the appearance of the dark mode.

We also want to share a group of funny tickets that keep our spirits up. It is worth paying tribute to a qualified support team that scrupulously, patiently, and quickly processes each request received from one of the communication channels.

Beta testers reports

During beta testing, we received about 1,100 bug reports from our beta testers and 150 suggestions for improvement. About 15–20% of these were unique. The top-10 beta testers sent us about 400 reports of the reports by themselves.

Benchmark

We compared several indicators of the quality of Covesting support with the industry averages for ​​Financial and Insurance Services.

• Satisfaction Rating of Covesting support is 94% and this is 3% higher than the average in the industry, which is 91%.
• Average First Reply Time for Covesting was well ahead of the average statistical indicators: 1.34 hours against 18 hours!
• The number of new calls to Covesting over the period is 2,307, which is also significantly higher than the average for the industry of 1,726.

“From the very beginning we set the bar high and aimed to build the best support in the industry. Our benchmark is the traditional financial industry when it comes to 24/7 coverage, response and resolution time, and overall customer satisfaction, rather than the crypto space where the current level of customer support is often questionable.

While it’s easy to keep this level of support when we’re still in beta phase, the real challenge is to keep it after the full launch of the platform. We closely monitor support service performance stats, and if it remains the same or even improves after the launch, this will be one more great achievement for us.”- said Vitaly Sokolyansky, Covesting’s Head of Support.

Languages

The Customer Support team today communicates with you in 16 languages:

Tim Voronin, Co-Founder of Covesting, recently told CoinSpeaker journalists about the quality of our service:

“Until recently, not a single cryptocurrency-exchange has been able to boast of having an operational 24/7 support team, or tools that can be compared to the level and capability of a traditional stock exchange or forex brokerage, or even the ability to offer clients some guarantees and regulatory licensing.

The Covesting team came to the cryptocurrency markets only with our experience in traditional markets, and we are working hard to offer a solution to industry problems by combining the rules of one environment and the possibilities of the other.

The result of our hard work: we have a 24-hour multilingual support service, fully legal and compliant operations with both cryptocurrency and fiat, clear policies and procedures, as well as mandatory reporting to regulators and an annual audit from an independent auditor — all like traditional, regulated, companies.”

Crypto Valley Association

In August, Covesting has officially become a full-fledged member of the independent, government-supported Crypto Valley Association. This organization was established to take full advantage of Switzerland’s strengths to build the world’s leading blockchain and cryptographic technologies ecosystem. It aims to support and connect start-ups, establish enterprises through policy recommendations, connect projects across industries, initiate and enable research, organize conferences, hackathons, and other industry events.

The Crypto Valley Association includes more than 600 members and brings together members of the IT, academic, venture capital, private equity and other industries to create a network effect that further drives the growth of the blockchain technology. As a member of the Crypto Valley Association, Covesting gets an opportunity to be a part of the ecosystem that defines the future of the FinTech scene.

DLT License

August 24th: GFSC officially announced “in-principle” decisions on the first batch of Distributed Ledger Technology (DLT) provider licence applications.

This means that the day when licensed Distributed Ledger Technology businesses will be live is getting closer, and signals that market is becoming more mature, which is definitely very positive news for market overall.

“Unlicensed crypto-exchange is already comparable with a bank without a license”, — claimed Dmitrij Pruglo in one of the interviews, adding that Covesting’s goals are «to establish a new standard for crypto exchanges, to work in a regulated environment, using the best practices of the industry, to stay ahead of time and, in a sense, to define trends”.

We will update everyone once the license has been granted.

The Covesting team has already scheduled a visit to Gibraltar in the middle of September.

Technology

Development is never an easy task. Every day we have to face a lot of new obstacles and problems, and there is only one solution — to fight them. August was another demanding month for the development team.

Soon, each of you will witness a slightly updated design, but most of the work takes place behind the scenes. A new engine, performance calculation logic, which is the fundamental element for copy-trading, as well established API connections with new Liquidity providers and many other features are coming.

As we are rolling into September, we plan to open the doors to the public with the Release Candidate and Soft Launch. Please, read more here: https://medium.com/covesting/soft-launch-of-the-covesting-platform-what-to-expect-95c14e105039

We anticipate that the community will remain helpful as usual and will help us identify all possible bugs within the new version.

Follow our official accounts for the latest developments and exciting news.

Thank you for choosing Covesting, and please feel free to contact us any time with any questions you may have.

Yours,
Covesting team