Covesting has announced that it has officially incorporated in Gibraltar, a move that should help the fintech startup flourish in a nation with friendly regulations in both the financial and technology industries. The move is incredibly important for distributed ledger based technology companies because Gibraltar is one of the few places that has officially enacted regulation around what is permitted. Gibraltar’s Financial Services Commission ratified laws pertaining to all distributed ledger based companies to go into effect Jan 1st, 2018.
Covesting platform allows everyday investors to search and compare the performance of hundreds of proven crypto currency traders and mirror their trades automatically. At the same time, Covesting platform helps investing talents bring their results in front of the public and compete with other traders in the equally-fair environment. Covesting was started by Dmitrij Pruglo, and several other ex-Saxo Bank managers who have an extensive background in FX, equity and derivatives trading.
Many may question why a blockchain startup would move to a country that has already regulated cryptocurrency, but in fact, that’s made Gibraltar an ideal home for many cryptocurrency based startups because of the reasonable regulations. Samantha Barrass, Chief Executive of the Gibraltar Financial Commission: “This regulatory framework demonstrates that regulators can keep up to date with technology without stifling innovation, protect consumers and create a well-regulated safe environment in which financial technology can flourish.”
Many countries have not yet introduced regulatory framework for cryptocurrencies, and while a company with no regulation currently may seem enticing, it spells a certain degree of risk knowing that at some point, legislation will come. Gibraltar’s Financial Services Commission has viewed cryptocurrency favorably, and has already laid out their plan for regulation. Covesting, and other start-ups will not have to fear pending legislation coming down in other countries who have not moved as fast to establish a rule of law to govern the booming industry.
Covesting CEO Dmitrij Pruglo: “As a fin-tech company, there’s no bigger question in the industry today than how individual countries will end up regulating cryptocurrency. The move Gibraltar makes sense for Covesting as well as all our investors and users. We are removing a lot of uncertainty from the equation.”
The move comes at a perfect time for Covesting, who just recently completed their Pre-ICO, receiving over 1,700 different investors and raising over 3,100 ETH in the presale. Initial Coin Offering is scheduled for November 24th and will run of first come first served basis.
Want to learn more about Covesting? Visit covesting.io where you can access the full white-paper, view the brilliant team behind Covesting, and learn more details about the project roadmap.
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This is a sponsored press release and does not necessarily reflect the opinions or views held by any employees of The Merkle. This is not investment, trading, or gambling advice. Always conduct your own independent research.