October in Review
The month of October has been an exciting opportunity to demonstrate to the world all of the progress we’ve made over the year, and to debut many of the things we’ve been working on for many months.
As we near the end of the year, Covesting has taken additional steps forward towards our goal of raising the bar across the industry. Our focus is on completing any remaining development tasks and further refining our processes to ensure the utmost confidence in our platform at launch. We are closer than ever to realizing our vision, and are excited to share with you this update on the incredible progress the Covesting team made.
Let’s take a look at back at the inspiring and active month of October, filled with many notable events and exciting developments.
Happy Birthday, Covesting!
Covesting celebrated its one year birthday with the community on October 20, 2018. In just one short year, Covesting has grown from a small operation of just two people, to a global operation with over 40 employees across 12 countries. The journey has been long, hard-fought, with never a dull moment. We are proud of our progress, constantly overcoming any challenge that gets in our way, and look forward to another great year of success.
On our birthday, Covesting received the best possible gift of all: a DLT provider’s license. Thank you to all of the community members and friends of Covesting who sent warm wishes our way.
Distributed Ledger Technology Provider’s License Received
Covesting has become among the first companies in the entire world to receive a highly-sought DLT provider’s license from the Gibraltar Financial Services Commission. This license certifies that Covesting has the infrastructure, security, and expertise required by law to protect customer assets and run a compliant operation in all facets.
The honorable Albert Isola, Gibraltar’s Minister for Commerce, extended a personal congratulations to Covesting for this incredible achievement, recognizing the progress Covesting has made throughout the year towards becoming the most compliant platform across the globe.
Mobile Application Available On App Store
Covesting has officially gone mobile! Our talented team of developers have turned our cutting-edge trading platform into a mobile application catering to users who are always on the go. The mobile app experience closely mimics the Covesting platform, allowing users to trade right from their fingertips, monitor performance, easily deposit and withdraw funds, access advanced charting data, and more — all while offering the same safety and security our customers have come to expect.
Users can download the Covesting mobile app on the Apple App Store for iPhone and iPad. An Android version of the mobile app is also in development, with further updates on its progress to follow in coming weeks.
Trading Competition and Bug Bounty Program Completed
Covesting successfully completed our first ever Trading Competition and Bug Bounty Program.
Our Trading Competition put roughly 200 traders head-to-head in a competition to see who is the top trader. Each participant was given $100 to trade with, and top traders were rewarded with a portion of a grand prize pot of 10,000 COV tokens. The #1 trader earned 58% ROI on their trades in just four weeks during continued decline in the market!
Over 1,400 total suggestions and bug reports were provided by members of the community eager to make an impact and help improve Covesting as we work toward the launch of our platform. Top bug reporters received COV token prizing based on not only the number of reports, but also the report quality and the criticality of the bugs discovered.
Covesting has now distributed all of the Trading Competition and Bug Bounty Program prizing. Congratulations to everyone who won, and thank you to everyone who participated. Also, a very special thank you to the overall winner of the Trading Competition, Wouter Cleymans, whom we had the pleasure of interviewing after the competition came to a close.
Improved Know Your Customer Process
We introduced our Know Your Customer (KYC) process alongside the Trading Competition to further test the process. During testing, we discovered that the process was not optimal, taking longer than necessary, and often resulting in our live 24/7 support needing to contact users to receive any missing required documentation. Thanks to valuable feedback, we are happy to share that the process is now much faster and fully automated, connecting clients directly with compliance for communication.
This is yet another testament to how Covesting takes challenges and turns them into success.
Extensive Testing: Security, Trade Execution, and Deposits/Withdrawals
In October, Covesting continued with an extensive security testing process. We have brought in additional independent white-hat pentesting company working with leading financial institutions to stress test our platform and ensure our security is top notch. During the week of testing, no errors were discovered. However, we will continue to push our security to the limits and perform rigorous testing to ensure Covesting does everything it can to minimize risk and become one of the most reliable companies in the world.
Our testing doesn’t end with security. We’re also doing extensive testing of our new treasury system, and are performing tests on deposits and withdrawals of various cryptocurrencies to ensure everything is in working order in high-load environment. Additionally, we are in the final stages of testing trade execution with additional liquidity providers.
Referral Payment Program
Several months ago Covesting has introduced a referral program to encourage the community to spread the word about our cutting-edge trading platform. For each user referred, the referrer will receive a portion of the new user’s transaction fees, and will be able to view their accumulated earnings via their profile. Payments are made once per month, and are calculated based on an increasing level of reward. Some of the users have already referred a number of friends and will start getting referral rewards just after the soft launch. For more details, please visit https://covesting.io/referral.
We are excited to share that the soft launch of our platform is scheduled for mid-November, immediately after our testing is completed and we can confirm that all systems are fully polished.
Thank you for your continued support in helping Covesting achieve its ultimate vision of raising the bar across the cryptocurrency industry.