Covesting: Pre-ICO and Public ICO

ICO (Initial Coin Offering) is an unregulated method through which funds and income is raised for a new crypto currency undertaking. It is used by startups to avoid the regulated and rigorous capital-raising process required by banks, financial institutions and venture capitalists.

Covesting ICO

The Covesting team has decided to enact its own ICO as a means for developing  a more innovative platform. This ICO project provides investors an opportunity to take part in a crowd sale and benefit from its growth by purchasing Covesting Tokens on the launch of the beta-version of the platform. All proceeds from the token sale will be used for the product launch, user acquisition, and platform development.

Covesting Pre-ICO details

The Covesting pre-ICO Token purchase rate was fixed at 1 ETH = 300 COV.  This rate offers a significant discount compared to an average rate during ICO, which will be 1ETH = 150. Following are the details of the pre-ICO:

·         Coin Name: COV

·         Coins available in pre-ICO: 1,500,000 (7.5% of total coins)

·         pre-ICO date: 20th Oct 2017 – 19th Nov 2017

·         Price: 1 ETH = 300 COV

·         Target: 5000 ETHS

Covesting Public ICO details

The public ICO will be held on the Covesting website beginning November 24th and will continue for 30 days. Covesting purposes to accept a maximum of 100,000 ETH from their initial token contributors. Once the 100,000 hard cap has been reached, the COV will stop accepting commitments. It is possible to take part in ICO only with Ether (ETH) platform.

All proceeds from the token sale will be used for the product launch, user acquisition, and platform development. Following is the division of the proceeds from the ICO:

• 40% Development team with around 15-20 engineers. It will be used for developing the platform, adding new features, conducting data-testing for HFT operations and developing mobile apps for the platform.

• 25% of the proceeds will be used for PR and Customer Acquisition, Marketing expenses, presentations, and region-specific road shows.

• 15% will be used for Strategic partnerships and Latency optimization. It will also be used for substantial costs

• 12% would be used for Operational spends, office expenses, employee fund, etc.

• 5% for Legal and compliance fees

• 3% as Developer’s and Owners bonus

In all, this is a highly innovative platform, and we expect the market to begin paying more attention to these offerings in the years ahead.