Describe the company – the elevator pitch:
Covesting was founded with the idea to bring ordinary people together with professional cryptocurrency traders for mutual benefit. Investors can easily browse through dozens of trading strategies, provided by experienced asset managers, and subscribe to the ones matching their goals. Thanks to technology-based solutions and smart-contracts, the Covesting platform allows its users to replicate trading activity of a chosen strategy directly into their segregated account at Covesting.
While traders benefit from success fees generated by profitable trading – investors enjoy peace of mind knowing that their funds being managed by industry professionals.
We have a short video that explains the business idea in simple words. Check it out here.
How are you different?
Covesting will be able to provide a completely transparent asset management platform in a market where that currently doesn’t exist. We employ Smart Contracts which ensures total transparency and allows no room for errors or manipulations.
Our platform will provide ample opportunities to learn from experienced investors, ask questions, and receive mentorship. In other words, novice trader doesn’t only make profit by allocating a part of his investment money to copy the experienced trader but also learns from the best in the industry on how to become a successful trader himself.
The platform also provides the chance for traders who may not have the capital or connections to start their own asset management fund, to get noticed and build a portfolio in which people can trust. Instead of spending time acquiring clients, crypto traders instantly get access to the combined capital of the entire Covesting community. With our Platform any private trader has a unique opportunity to build a career of the portfolio manager.
— Covesting (@covesting) October 14, 2017
Why will you do well?
Covesting is planning to take advantage of two factors. While stock trading or Forex trading is a global phenomenon, crypto-trading is yet to catch fire, giving us a huge opportunity to grow with the market. Secondly, we are the only (presently) and first platform to bring the time-tested model of copy-trading to cryptocurrency trading market and we are confident of exploiting the early bird advantage. Combining these two factors, we strongly believe Covesting to be a complete and huge success.
Moreover, we offer a win-win solution for both the parties involved in the copy-trading, like I explained above, so we believe people will easily come on-board as well.
Where are you based?
Myself and Tim, co-founder of Covesting, are based in Moscow, while the other team members are located around the world including the United States, Denmark, Switzerland and Cyprus so we can communicate with investors and develop business globally.
When was the company launched?
Covesting was founded in early 2017, and we have rapidly grown in brand recognition and reputation in the trading community. We have added several new team members recently, and have continued growing our community and partners around the world.
How will Covesting disrupt the industry?
Covesting is about to disrupt a 70 trillion-dollar traditional asset management industry by utilizing blockchain technology through smart contracts and cryptocurrency token implementation. By introducing transparent peer-2-peer asset management platform, we bypass trust issues as well as things which plagued the traditional industry since inception, like Ponzi schemes, fake performance results, unfair or unethical actions by hedge fund managers. By utilizing smart contracts and technology we create automated processes that is immune to human manipulation. Covesting ecosystem is pretty much about transparency of asset management services and a direct connection between actual traders and investors.
Finally, its cryptocurrency based so funds transfer within a few seconds and are ready for investments. You don’t wait for days and watch the opportunity go away simply because your money is being processed by your bank, your asset management agency and so on.
All these factors will combine to empower Covesting to bring forward the big change the industry needs.
— Covesting (@covesting) October 13, 2017
What have been your biggest wins to date?
We have agreed on partnerships with top crypto liquidity aggregators, which will help us to get instant access to Kraken, Poloniex, Bitfinex, Bittrex and other exchanges through FIX API protocol. This eliminates the need of individual integration with the leading cryptocurrency exchanges. This will save a lot of time and effort for the development team and allow us to offer copy-trading to our users from day one, as soon as platform is launched.
We are in talks with top-level professional traders and fund managers to join our platform and we have already received a favourable response from them.
Additionally, we have established necessary partnerships in Europe and Asia to increase brand awareness and help with user acquisition going forward. The initial responses in these continents are clearly favourable.
Who are you trying to attract to your product?
We have two primary types of users on our platform, Investors, and Model Managers. To have a successful copy-trading social platform, we need a wide range of experienced cryptocurrency traders so our second type of users, investors, have a vast array of choices to select from when they decide to subscribe to an investment strategy. The more Model Managers we are able to bring on to our platform, the more competitive the platform will become which leads to a healthier market for our investors.
What tips would you give to others looking to build their business?
Be passionate about what you’re trying to do. If you don’t truly care about the industry, or problem you’re trying to solve, it’s very tough to get through all of the obstacles you will face. All of us here at Covesting know there are plenty of startups and ICOs who are trying to change the industry, but every obstacle we have faced so far, has brought more opportunity to improve our platform, and we are truly excited to see our idea to come to life.
Tell us about your team
Covesting is headed by me, Dmitrij Pruglo. I have been in the equity, derivatives and FX trading for over a decade and worked for reputed financial institutes like SEB Bank, Saxo Bank, and Wisdom Bay Holding in different capacities. I have worked with Tim Voronin, Andrey Zaveryukha and Max Sayganov, all members of the core team of Covesting at Saxo Bank in the past. However, other experts joined us during the course like Sergey Sevantsyan (CIO, CTO), Konstantin Zherebtsov (Information Security and Compliance) and Ivan Sologub (Marketing and PR), bringing their own expertise to the platform and making it a truly diverse and dynamic team.
We are adding new team members rather rapidly and many of them are remote team members who bring value to this team.
What are your plans for the future?
Our big milestones are all right around the corner! We are having our Pre-ICO on October 20th, which will primarily be used to fund the growth of our development team. Covesting allows everyone to take part in a crowdsale and benefit from the platform growth by purchasing Covesting Tokens prior to the beta-version launch. We are releasing the prototype version of our Covesting platform to the public in mid-November right before we have our public ICO on November 24th. We plan to release the platform to the public in Q1 2018 although the date has not been finalized.
What are your favorite tech gadgets?
You should ideally ask this to our developers. For me, iPhone can be handy sometimes.
What tech gadgets do you wish you could use to help you?
I dream about having a super-sharp AI assistant one day to do tasks while I sleep. If you know Jarvis, the AI of Iron-Man, you got the idea!
How do people get in touch with you?