Licensed crypto exchange Covesting launches first stage of fiat gateway

Cryptocurrency exchange Covesting has announced the rollout of the first stage of fiat gateway and cryptocurrency converter.

Last October, the exchange received a full Distributed Ledger Technology (DLT) license from the Gibraltar Financial Services Commission (GFSC).

Covesting said that it is building “an ultimate cryptocurrency trading infrastructure” which will comprise of a licensed digital asset exchange, copy-trading platform, aggregated order book and fiat/crypto gateway fully compliant with strict requirements of European regulators.

With the launch of the first stage, the fiat gateway now accepts EUR deposits via wire transfer and allows customers to instantly buy or sell BTC for EUR in their wallet.

The exchange said that additional options for fiat deposits/withdrawals as well as the buying and selling of cryptocurrencies will be released in stages over the coming weeks.

"The launch of a fiat gateway is yet another step towards our ultimate goal of being the most complete, secure and transparent cryptocurrency platform in the industry. 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,” Covesting Founder and CEO, Dmitrij Pruglo, said.