PrimeXBT and Covesting Release Peer-to-Peer Fund Management Module Beta

April 25, 2020, 9:52 AM AEST - 1 year ago

Covesting, a licensed DLT services provider and software developer focusing on innovative trading products,has officially launched the Covesting Fund Management Module beta on PrimeXBT, a Bitcoin-based margin trading platform offering up to 1000x leverage across forex, stock indices, commodities, and cryptocurrencies.

The new module is a unique easy-to-use service that allows experienced traders to meet new investors in a transparent, safe, and efficient peer-to-peer environment. The Covesting Fund Management Module allows any trader to start their own career as a fund manager, earning success fees from profitable strategies. At the same time, new users and investors are able to make an investment into a fund created by other traders, allowing them to apply their capital to trading strategies with proven historical performance.

The better the public performance rankings of each fund and the more the trader markets the fund to their followers, the larger the overall earnings can grow for all parties involved.

Imagine being able to invest into the trades of a legendary professional trader such as Peter Brandt, and being able to profit from the positions and trades he takes based on his over 40 years of trading and technical analysis experience!” as a PrimeXBT representative commented on the beta release.

Users of the module get access to trading over 50 instruments, including cryptocurrencies, FX, commodities and other tools. They can also create and manage a fund, review their portfolio, and view the global ratings of the various funds available.

During the beta phase, no investments can be made to allow ample time for performance tracking to take place, so investors can make informed decisions about which funds to choose. Covesting and PrimeXBT will enable full investment functionality later this year.

Until then, the Covesting Fund Management Module Beta will only be offered to a limited number of users who will help the team test the platform in search for bugs, as well as to gather invaluable performance data and feedback.

The most active users assisting with detailed bug reports will be rewarded with Covesting native tokens based upon various factors, such as the total number of bugs reported.

Commenting on the news,Dmitrij Pruglo, CEO of Covesting said:

We continued to pursue our vision to release a Fund Management Module, however, adapted our business strategy to focus on B2B partnerships to see through the launch of the product on a platform with an existing user base and specific trading tools designed to maximize the profitability of the Covesting Fund Management Module.”

As reported by Covesting, the COV utility token will be integrated into PrimeXBT's crypto trading infrastructure and become an essential part of the Fund Management Module and its core features.

To access the Covesting Fund Management Module Beta, users need to register for a free trading account on PrimeXBT and visit the Covesting sectionto get started.

The Covesting Fund Management Module became the second product in the lineup of services released by the company over the past month. PrimeXBT has previously launched its Turbo platform allowing traders to generate as much as 90 percent profit from market volatility in just 30 seconds. For those who are new to the platform, the platform offers a risk-free demo option to try out Turbo before switching to a live account.

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