Covesting To Discontinue Cryptocurrency Exchange Operations For Retail Customers
Dear community,
As you are already aware, the Covesting team has focused its efforts on further developing our B2B offering over the last several years. The result has seen the Covesting copy trading module’s full launch with COV token utility on PrimeXBT, which has grown rapidly in demand in recent months.
Since Covesting made its pivot toward establishing B2B partnerships with other industry leaders in their respective spaces, the B2B business has been much more successful compared to the previous B2C model. Simply put, our “why compete with others when we can partner with them” approach has been the right decision for Covesting.
Building On Success: Shifting Fully From B2C To B2B In The Future
The Covesting exchange was launched in 2018 during a challenging cryptocurrency market environment. From then forward, competition has only become more fierce overall. In addition, maintaining cryptocurrency exchange services requires significantly more capital and a much larger team, including compliance, human resources, and other critical departments.
All things considered, the Covesting team has made the decision to optimize costs further and reallocate resources toward where our efforts are bearing the most fruit, which includes discontinuing cryptocurrency exchange services to retail customers.
Covesting will continue to focus its efforts around software development and licensing services and institutional solutions to B2B partners globally.
We stand by our original decision to adapt our strategy to the continually evolving cryptocurrency market and believe the decision to limit services to retail customers is also in the best interest of the business, as well as the Covesting community. Leveraging the existing user base of established partners and industry leaders will allow the Covesting team to achieve even faster growth than what would have otherwise been possible.
Retail Services Discontinuation Roadmap: What Customers Can Expect
The discontinuation of Covesting.io exchange related operations will be implemented according to the following roadmap:
1) Customer Notification: A notice will be sent to all Covesting clients with additional information regarding the roadmap and which steps — if any — need to be taken.
2) Registration And Deposits Suspended: As of March 10, 2021, all deposits will be suspended for retail customers. Please cease any deposits activity as soon as possible.
3) Withdrawal Deadline: The Covesting.io website and withdrawals will remain fully operational until June 10, 2021. We kindly request all users withdraw any funds by this deadline.
4) Services Discontinued: As of June 11, 2021, cryptocurrency exchange services will be entirely discontinued for Covesting retail customers.
Beyond June 11, 2021, any users with a previously active account with an outstanding balance may contact support@covesting.io to make a request to withdraw it. Please also contact our customer support with any questions about the discontinuation process.
What’s Ahead For Covesting: 2021 And Beyond
The Covesting team will continue to follow the path of establishing additional B2B partnerships and further developing existing partnerships and services offered on third-party platforms. The model has proven highly successful, and we are confident the latest reallocation of resources will better realign the Covesting business for continued success in the future as the industry expands.
Stay tuned to our official channels for more coming updates on the Covesting business strategy, the Covesting copy trading module, the COV token, and more.
