CoVEX is a new cryptocurrency exchange that is looking to provide an all-inclusive experience for traders and their ilk. The industry right now suffers from heavy fragmentation. There is no one service that provides all of the solutions needed/wanted as a trader or investor. CoVEX is looking to change this by combining traditional features found on current cryptocurrency exchanges, with a new set of features that appeal to everyone.
CoVEX will be an intuitive platform that can be used on both mobile and desktop platforms. Using bank-grade security, and 24/7 customer support services, they are taking a pro-active approach to potential issues that exchanges face.
To incentivize users to use their platform over others, CoVEX will be utilizing their native ERC223 token as utility reward token. This means that users holding over 3000 CoVEX tokens will be entitled to a discount on trading fees. In addition to this, the token will be used as commission payments for a referral program. Users of the platform that draw others in can potentially earn up to 10% in commissions for their work.
One of the available features, not often seen on exchanges, will be social trading. This is a feature that allows accredited traders to share their portfolios and trading history with others. In doing so this will allow novices to capitalize on the accredited traders’ experience, and learn at the same time. By sharing their actions through trading groups, accredited investors will be compensated in the CoVEX token. Investors will become accredited based on a reputation developed through a machine learning program. This software will analyze their past performance, and build an appropriate reputation based on how successful they have been.
Another feature sure to take off is the ability to underwrite ICOs. This means that the platform will be able to guide young companies in hosting their own ICOs through marketing, public relations, legal hurdles, and token exchange listings. For companies looking to host their own ICOs the process of having a token listed on an exchange can be difficult. This is however essential to create awareness of one’s product. To provide this service to these young companies will most definitely be a boon to the platform.
These features in conjunction with those such as margin trading, P2P loans, multiple payment gateways, and prepaid card services, will surely make CoVEX a desirable platform. By developing an all-in-one platform such as this, CoVEX is effectively lowering the barrier of entry into the cryptocurrency industry. As of now, users much be quite tech-savvy, and be willing to utilize multiple services to invest and trade. To continue seeing greater market adoption, platforms like CoVEX are exactly what is needed.
The team at CoVEX has managed to hit all of their markers on their roadmap to this point. If they continue to do so, look for them to begin building a great reputation and become a common name within the industry.
To learn more about CoVEX, make sure to peruse their whitepaper.