Copy traders give permission for investment decisions made by a more knowledgeable trader to affect a portion of the funds in their own trading accounts.
The startup CoinPennant plans to elevate this concept by channeling advice from established traders for those who want to enter the fast-paced cryptocurrency investment space by using a combined social network and blockchain-based copy trading platform.
Blockchain, Copy Trading, and Smart Contracts
Some companies, such as eToro and ZuluTrade, already provide copy trading services for foreign currency trading, and they have also ventured into cryptocurrency. CoinPennant will forge a different path by choosing to specialize in the cryptocurrency space by reinventing copy trading on a blockchain-based platform.
David Hoverman, CoinPennant’s lead business developer, said that the fast-moving and volatile cryptocurrency market is intimidating to newcomers as the market is beset by risk and fear, uncertainty, and doubt. Hoverman explained:
It’s not necessarily due to lack of access but just lack of knowledge. Good, reliable information, especially in relation to trading, is hard to come by, and generally, when you come by it, it’s expensive to obtain.
The CoinPennant team originally envisioned a subscription-based model that would use algorithms to …
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