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Covesting Module v2.0: Bye Investing, Hello Following


23 July 2020

Months ago, the Covesting module beta made its debut on our award-winning Bitcoin-based trading platform. Since then, the tool has drawn interest from traders from all over the world. 

We are thrilled to have received such support so quickly and are truly grateful for all of the valuable feedback the community has provided thus. This critical feedback about the service has helped us make important decisions regarding future development, keeping the community in mind.

In addition to users providing a thorough test of the module through the beta phase, the PrimeXBT team has discovered several inefficiencies highlighted by the community that can be improved upon. We aim to build complete products that are highly efficient and provide the ultimate user experience, therefore, over the last month in partnership with Covesting, we have been working to reshape the product.

In the world of big wealth and investment management, lockup periods, rollovers, and other holding phases are commonplace. For example, it is not unusual for hedge funds to require between 30-to-90 days notice in order to withdraw any of your investment. After the notice is given, it could take a month or more to have your money returned. ROI will vary during this time.

Among the first immediately noticeable changes to the Covesting module structure, we have changed Investments to Followings. Fund Managers and their accounts will move over to Strategy Managers. These accounts will remain segregated from the Strategy Follower account.

If you are unhappy with a strategy’s performance, you can move on much faster, and if you are satisfied with a strategy and have earned enough and want to withdraw, you can now do so without having to wait.

Moving forward, Covesting users will be able to manage their Strategy and Strategy Following the same way they would manage their regular trading positions. This level of control offered to both Strategy Managers and Followers will avoid unnecessary disputes and potential drawdowns.

Once new version of Covesting module is released, the beta will continue for another three-to-four weeks of testing to make certain that all aspects of the module are working as expected and is ready to scale further.

We understand there is much anticipation for the launch of this innovative feature, which is why it is critical to not rush development and instead focus on quality and user experience. This way we can guarantee that the final product is ready for the rest of the world. 

After the development team finalizes the release of the new change and are confident the new Strategy Manager and Follower mechanism is efficient enough to scale the product further, we will then begin Phase 2.

Be sure to check back here at the official blog for future updates as the Covesting platform further develops. We look forward to seeing you all in the updated Covesting module beta, and receiving more of your valuable feedback!

#source

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