May In Review
Dear Community,
As we move into the Summer months, we see new growth occurring once again within the crypto market, and a new dawn is ahead.
Crypto Winter may be over, but nevertheless, exchanges continue to die off. In recent days, more and more crypto exchanges have suffered the consequences of their shortcomings.
LaToken has watched trading volume dry up, and demand for its native token disappear. Blockport, our closest ex-competitor, was forced to declare bankruptcy following a failed security token offering. The news sent Blockport’s native token plummeting over 90% in ten hours. Crypto exchange Cobinhood also filed for bankruptcy in what the crypto community is fearing was an exit scam.
These crypto startups failed, while Covesting has persisted due to our unwavering focus. We proceed to work closely with clients, and our infrastructure continues to serve as home to many of the top traders across the global trading community. We have maintained our original vision, while adapting our strategy to partner with other prominent cryptocurrency businesses, ensuring our longevity.
As part of our new B2B strategy, the month of May has been heavily focused on seeing through the exciting partnership established between Covesting and PrimeXBT. The partnership brings our proprietary, cutting-edge copy-trading module to the Bitcoin-based margin trading platform.
The development team is working closely with PrimeXBT on the implementation of the Covesting module, and has entered the final stages of development. The back end infrastructure has been completed, and the front end user interface is over 65% finished. Much development work still lies ahead, as well as extensive testing for functionality and reliability. We’ll share additional updates as additional milestones are reached.
Sneak Peek of Covesting Module on PrimeXBT
With the Covesting module third-party platform implementation nearing completion, here is a sneak peek of the implementation of our module on a third-party platform, highlighting its benefits for both investors and traders, who each gain a unique advantage from utilizing the cutting-edge feature.
The Covesting module will be featured on the PrimeXBT dashboard next to Account, Trade, and Information. The new Covesting tab will allow traders to see the rankings of top traders from across the globe, and see important performance data regarding their trading positions, equity, profitability, and more. This information can be found in the Rating section of the Covesting tab.
Selecting an individual fund provides additional performance data and insight into profit and equity performance throughout the trader’s account history. Investors can use this information to decide which traders to follow, mimicking their every trade.
The Portfolio area is a snapshot of all open positions, and detailed information on each fund’s investment history. The portfolio section is also where investors can increase their investment size, or close out any investments they may have open.
The aptly named Create Fund area is where traders can start a fund for investors to allocate capital to. To be eligible to create a fund, the trader’s account must have at least 0.2 BTC and all open positions must be closed prior to starting a fund.
Once traders become familiar with the module, it will present an opportunity for traders and investors alike to form a synergistic relationship that leads to even more profit opportunity than otherwise possible.
How Covesting Benefits Investors and Traders
Inexperienced investors new to trading often find themselves suffering loss after loss, until proper risk management can be learned, and better entry and exit points can be found using technical analysis. It can take new traders years of backtesting various strategies to find one that consistently delivers profits.
The learning curve in financial markets can be difficult to overcome, and lessons often come at the expense of profitability. By using the Covesting module, investors are able to bypass the required learning of the ropes, and can simply find a profitable trader to follow to begin profiting immediately.
As it was originally designed in the Covesting whitepaper, the Covesting module allows novice traders to mimic the trading strategies used by the industry’s top traders, removing all guess work from the equation and creating an opportunity for profit that otherwise may not be possible until the trader gained more experience and confidence in the market.
Top traders, on the other hand, can generate profits from the inexperienced traders that choose to follow their moves. These traders earn a portion of the profit generated by the investors mimicking their trades, further compounding any earnings potential offered on the platform.
The user interface is easy for anyone to understand, with clear sections dedicated to ranking traders from across the globe, portfolio performance and allocations, as well as the creation of funds for investors to invest in. The simplicity and depth is certain to satisfy the needs of any trader at any experience level.
Covesting Continues On Path Forward
With the market finding its footing once again, Covesting remains committed to developing the most cutting-edge, and compliant cryptocurrency exchange the world has ever witnessed. We continue to explore B2B relationships that will expand our client base significantly, and further work with financial regulators on gaining the necessary approvals to bring our most awaited features to fruition. Our developers are working around the clock, and our 24/7 support team is always available to assist you with your trading needs.
We thank you for your continued support and look forward to sharing additional details on Covesting’s progress in the coming months. Stay tuned to our official blog and social media channels for more updates in the coming weeks, as Covesting continues to evolve.
Yours,
Covesting Team
