Europe-based Crypto Exchange Covesting Introduces 'Soft Launch' Version of its Trading Platform

  • Covesting has launched a "soft" version of its cryptocurrency trading platform.
  • The Europe-based exchange was recently granted a license to offer its crypto trading services in Gibraltar.

Covesting, a Europe-based digital asset exchange, has announced the “soft launch” of its crypto trading platform - which is aimed at bringing traders and asset managers in traditional markets to the crypto space.

Last month, Gibraltar’s regulatory authorities had granted Covesting a license to offer its cryptocurrency trading services in the British Overseas Territory.

Covesting’s cryptoasset exchange has moved into the production stage after being tested via a Software-as-a-Service (SaaS) delivery model. The “soft launch” version has reportedly passed a number default tests which check for issues with the trading platform’s user interface, its order book design, and data management.

200 Individual Testers Tasked With Finding Software Bugs

Moreover, Covesting’s development team initially tested the digital asset trading platform by sending 0.2 Ether (ETH) to 200 individual testers. Each tester was required to carefully go through and use all the exchange’s features, and then report whether they encountered any bugs in the software.

Covesting is now planning to add more options for funding user accounts with fiat currencies. This may include allowing its customers to perform bank wires and use their credit cards,

In the next few weeks, the exchange is also going to start inviting various post-ICO projects so that they may list their tokens on its platform. Similar to how other centralized exchanges evaluate cryptocurrencies before supporting them, Covesting’s research team will be carefully examining each new application for listing.

Former Saxo Bank Executives Join Covesting

Kurt Carlsson, the former executive director at Saxo bank, a Danish financial institution specializing in online trading, joined Covesting in December 2017 as the company’s chief commercial officer.

Carlsson has mostly been working in Gibraltar as he has been tasked with setting up the exchange’s headquarters in the territory.

Peter Kristenson, also a former Saxo bank employee, has been appointed Covesting’s head of markets. Both Carlsson and Kristenson joined Covesting after the new crypto exchange managed to raise $1.1 million through it ICO last year.

Replicating The Trading Patterns Of Professional Traders

As explained in the company's press release from December 2017, Covesting allows investors to “copy the trading” strategies of experienced cryptocurrency traders by “mirroring their trades automatically.”

Dmitrij Pruglo and a few other former Saxo Bank employees with experience in forex trading, derivatives, and equity markets had initially helped in getting the Covesting platform off the ground.

CoinBits Allows Users to Earn Passively By Converting, Saving Change in Bitcoin

Erik Finman, an early Bitcoin (BTC) adopter, has launched a crypto platform called CoinBits, which allows investors to passively invest in the flaghship cryptocurrency.

According to TechCrunch, Finman’s new app, CoinBits, intends to democratize access to cryptocurrency by allowing people from all walks of life to make small investments through commonly-used investment and savings strategies. These reportedly include roundups on transactions made via credit or debit card purchases.

The CoinBits app will also support conversion of fiat currency to bitcoin via regular transactions from users’ checking or savings accounts. While CoinBits has been designed to mainly benefit its users, Finman revealed that his own BTC holdings will also grow as more people use the small savings app.

No Commissions on Transactions, 98% of Bitcoins Stored Offline

As explained on CoinBits’ official website, users can invest small amounts such as $10, $25, $50, or $100 through the app’s web-based interface. The savings app also lets users adjust the risk level for their investments.

Notably, the CoinBits app does not charge transaction fees and 98% of users’ bitcoins are kept securely in cold storage (offline).

Explaining how investing in cryptocurrencies can be challenging for some people, due to their highly technical nature, Finman said:

Overall, investing in bitcoin is complicated and can feel almost impossible. CoinBits allows you to put that spare change in bitcoin. For example, if you spend $1.75 on French fries, that remaining 25 cents is invested automatically.

As noted on CoinBits’ website, the company handles withdrawals and users are charged a $0.50 fee for same-day processing. There’s also an option to download the transaction history associated with users’ accounts. This makes it easier for users to manage their finances and track how much they may have gained or lost on their bitcoin investments.

Crypto-Backed Lender Receives $25 Million in Deposits Two Weeks After Launch

As the crypto and blockchain ecosystem continues to evolve, many new startups have been offering different products and services which allow users to earn passively on their digital asset holdings. In March 2019, BlockFi Lending LLC, a New York-based “secure non-bank lender” announced it had received $25 million in cryptocurrency deposits just two weeks after launching its crypto-backed loans packages.

BlockFi’s investment packages allow users to earn interest on their Bitcoin (BTC) and Ether (ETH) investments.