Covesting is a cryptocurrency backed start up which has created a platform for blockchain-backed cryptocurrency trading platform for every investor.
The investors can grow their assets and make profit by copying the trades of the renowned traders on the network. Using Smart Contracts, this is done automatically.
Covesting brings copy trading model to the cryptocurrency and blockchain world and the new and smaller investors can compare the performance of different leading cryptocurrency traders and select up to 20 traders to follow. They can allocate different portions of their money to these traders and Covesting will automatically copy trade on behalf of the user.
Dmitrij Pruglo, a former investment manager at Saxo Bank with over 10 years of experience in the financial market and CEO of Covesting is here with us today.
Q: Hi Dmitrij, Tell us about yourself
A: I am in the business for last 15 years. I started as most of us, a common wannabe trader with low balance and extensive hunger of knowledge. I realised that with a good internet connexion, we don’t need to be tied down to one place, the world is the playground. I studied a lot, grabbing every material I could find, every expert opinion piece and every newspaper report. I learnt basics like financial markets, technical and fundamental analysis and traded from a small account.
I started my first internship with SEB Bank Lithuania when I was 21. Then I cleared the Securities Commission to become a pro financial advisor. In fact, I was the youngest in my team. I had a good stint with SEB Bank but I wanted to get into more hardcore trading. Thus, when I got the chance, I joined Saxo Bank, the pioneer is asset trading around the world.
I worked with the bank for several years and went up the ladder from associate in Sales to Sales Trading department as Senior Account Executive for VIP clients. I dealt in options, CFD, Futures, FX, equity and Bonds. I was working in the Cyprus office of the bank when I decided to quit and establish my own, Covesting.
Q: Tell us more about your team! Do they all have background of crypto?
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. All teammates have a great track record and reputation in financial world. 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). Part of our team have a great global financial markets experience while the others are deeply involved in crypto currencies and blockchain movement. So it’s a great mix of people.
We are adding new team members rather rapidly and many of them are remote team members who bring value to this team.
Q: What inspired you to do an ICO?
A: I’m very well familiar with IPOs from my previous work experience, I know how IPO could provide really great value for early stage investors as well as financial support for entrepreneurs. Banks are not really in fashion nowadays. When I heard about ICO first time I instantly thought that this is extremely transparent way of fundraising. I believe in bright future for digital economy powered by the blockchain technology, therefore, building a platform for crypto currencies and raising funds through ICO works in harmony with my vision.
Q: How did the idea of Covesting come about? Is this something you were doing before?
A: I started trading crypto currency 1,5 years ago and immediately spotted arbitrage opportunities. I recognized market inefficiency as it was many years ago at Forex markets. Volatility and huge capital inflow into digital assets push coin prices hundreds and sometimes thousands percents. Crypto currency market really offers huge profit opportunities which many of novice investors miss due to lack of knowledge or time for research. So I thought of idea helping these people out and build a synergistic platform where we involve hundreds of experienced traders to trade for them in exchange of part of the profit. With Covesting – everyday investors can “employ” professional traders to make money for them, while traders and earn good income by allowing such novice traders to follow them. Copy-trading (or peer-2-peer asset management) is a win-win solution which proved to be really successful in traditional
markets. So Idea to bring similar platform to crypto came out naturally.
Q: What is the cap for your ICO and how did you come to chose that number? What do you think of unlimited ICO’s? How much money is too much money to be raised in an ICO?
A: Well, it varies from project to project. Some of them are trying to benefit from existing “hype” on the market and raise as much as possible while these amounts are not really required to develop one project or another. At Covesting we have a hard cap of 100.000 ETH. We can proceed with platform development even if we raise 20.000 ETH, however we need capex to continue working on it. Also, scale of platform growth, marketing and user acquisition will largely depend on total raised funds during ICO. The more funds we raise the better kick-start and brand recognition will be.
Q: If you successfully crowd sell with your ICO, where will your company be based?
A: We are already in process of registering a Singapore entity. We believe this is a great legal structure for blockchain startups
Q: Do you have a background in conducting due diligence on crowdfunded projects?
A: I have successfully invested in several ICOs myself which provided me with an average of 3x returns. I’m checking new ICO projects on daily basis, unfortunately there are a lot of scam and untrustworthy projects which should be avoided by investors.
Q: In addition to cybersecurity, what do you feel must be understood when performing due diligence on cryptoprojects?
Important to evaluate team behind the project, their previous career and experience from real life. Sometimes I see guys dreaming to build a spaceship not having a clue about how it is done.
Q: What is your “bird’s eye view” of the blockchain industry as a whole. From what you’ve seen, what aspects of token crowdsales could be improved?
I think we are the very early stages and the most interesting is just ahead of us! From what we can already see regulators around the world are trying to regulate ICOs and other parts of digital economy. This is not necessarily bad, since regulations will provide more safety for contributors and investors.
Q: You’re clearly very passionate about the crypto space! Which projects are the most exciting to you?
A: I love projects which have a solid business model and working token economics. Meaning that I want to understand how I will project generate profit and grow.
Q: What current proof of concepts has Covesting completed? What projects are in the pipeline?
We are launching MVP prototype version in November so all users could get familiar with the interface and all features. This would increase level of trust in our project among community members. Beta version release is scheduled for Q1 2018
Q: What’s in the future for Covesting?
We see ourselves as the leading peer-2-peer asset management platform for crypto assets in two years time. We estimate that over 5000 users will be using our platform for hassle-free and transparent asset management services around the globe.
Q: Have you talked with any exchanges about their interested in enabling trading of your Covesting tokens?
Yes we are negotiating with Yobit and HitBTC to launch our token as soon as ICO is finished.
Great, thank you Dmitrij, I appreciate your time and I will be watching the crowd sale intently.
Thank you for the interview.
ICO name: Covesting
Pre-ICO starts: 20.10.2017
ICO starts on: 24.11.2017
ICO ends on: 24.12.2017
Total # of coins: 20.000.000
Official Website: https://covesting.io
Official Facebook: https://facebook.com/covesting
Official Twitter: https://twitter.com/covesting
Official Telegram: http://t.me/covesting
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