European cryptocurrency exchange Covesting today announced the soft launch of its fiat gateway and cryptocurrency converter, which is aimed at bringing more investors in traditional markets to the crypto space.
Covesting’s new gateway has moved into the first stage and now accepts EUR deposits via wire transfer, with more fiat and crypto deposits/withdrawals options to follow suit in the next weeks. The exchange plans to add more options for funding user accounts with fiat currencies, including using bank wires and credit cards.
The launch of fiat gateway 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.
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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 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.
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: “Allowing retail and institutional clients to legally exchange fiat into crypto automatically gives Covesting an edge and puts us among very few exchanges who offer such a solution. There are hundreds or maybe even thousands of crypto-crypto exchanges out there, but few who offer a legally compliant bridge between crypto and the traditional world of finance. We will continue to monitor the market and adapt to the new reality while offering the most demanded tools for our users.”