European digital assets exchange Covesting has signed its first B2B partnership with another cryptocurrency trading platform, Prime XBT, to integrate and license its technology and utility token.
Covesting’s COV token will be integrated into the PrimeXBT’s crypto trading infrastructure and become an essential part of the copy trading experience.
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Founded in 2018, Prime XBT offers leveraged trading, real-time market data and analysis tools across a wide spectrum of crypto assets.
Covesting’s technology allows everyday investors to search and compare the performance of hundreds of proven cryptocurrency traders and mirror their trades automatically. Simultaneously, the Covesting platform helps investment talents bring their results to light by competing with other traders in an equally fair environment.
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The platform’s native COV is an ERC20 utility token built on Ethereum blockchain, and designed to be used within the Covesting’s ecosystem. Thus, demand for COV tokens correlates with the trading volume and activity on the platform.
The new partnership builds on Covesting’s previous milestones, which included its initial-coin-offering (ICO), the deployment of its Crypto Intelligence Portal, as well as its recruitment strategy that saw veteran Saxo Bank executives, Kurt Carlsson and Peter Kristenson join its ranks.
Gibraltar’s Blockchain License
Also in November, Gibraltar’s regulatory authorities granted Covesting its bespoke license for blockchain firms to offer cryptocurrency trading services in the British overseas territory.
Covesting was initially started by Dmitrij Pruglo, as well as several other ex-Saxo Bank managers who collectively boast an extensive background in FX, equity, and derivatives trading. Their platform aims to bring ordinary investors who do not have the time or tech knowledge to invest in cryptocurrencies, facilitating the ability to invest intelligently in a booming new market.
Commenting on the news, Covesting CEO Dmitrij Pruglo said: “PrimeXBT is one of the fastest growing startups in the crypto industry, offering among the best platforms for competitive trading conditions. We firmly believe our copy trading module will be extremely beneficial for PrimeXBT platform, which allows trading with 100x leverage across a variety of digital assets.”