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- The accounts will give the freedom to the users to generate passive income via any idle crypto assets
- One of the reasons is the increasing boom of Decentralized Finance (DeFi). PrimeXBT is all set to meet this demand with a service that makes staking and generating APY interest in Crypto very easy.
Covesting Yield Accounts by PrimeXBT will come in Q3 of 2021. Besides, the company is also giving enhanced benefits and features to its users with COV tokens. COV token will be an integral part of every application system that will be built on PrimeXBT.
PrimeXBT, one of the award-winning trading platforms, is all set to launch its new service with its software development partner Covesting. One of the best platforms for margin trading, PrimeXBT will be launching Covesting Yield accounts in Q3 of 2021.
The accounts will give the freedom to the users to generate passive income via any idle crypto assets stored in PrimeXBT accounts through staking. The users can use their Prime XBT account to start the Covesting yield accounts. In the starting, the users can only deal in USDC and USDT cryptocurrencies. But the team is working on offering BTC, ETH, and other large caps in the future.
There has been an increasing demand for yield-generating products in the cryptocurrency space. One of the reasons is the increasing boom of Decentralized Finance (DeFi). PrimeXBT is ready to meet the increasing demand. They will deliver a service that makes staking and generating APY interest in Crypto simple.
The idea behind Covesting Yield Accounts is to offer the high APYs of DeFi farming, but with the simplicity of a few clicks, all from within a single account. This means users benefit from high APYs available to yield farmers without manually finding the appropriate liquidity protocols or switching between different sites.
By staking through the Covesting Yield Account, users’ holdings will grow over time only with little effort. A significant benefit of the Covesting Yield Account is it happens through the PrimeXBT platform, which is a licensed and regulated exchange with 24/7 live chat support.
Covesting’s Copy trading module by PrimeXBT has received accolades from the users as they are well placed to give more services for the users. The team will be working to make more improvements to the original module from time to time.
COV Token
As a token-centric ecosystem, PrimeXBT will be taking all measures to make the COV token an integral part of every application system built on the PrimeXBT. The COV token will be available with the Covesting Copy Trading Module and beyond. There are many benefits of using COV tokens for the token holders.
The covesting B2B solutions will be easily integrated into any third-party platform. COV tokens will be the center of the Covesting module at PrimeXBT. They are used for many benefits to token holders, like trading fee discounts and profit-sharing. Hence, the demand for these tokens co-exists with the combined activity on all supported platforms.
PrimeXBT has also introduced some updates to enhance its utility and improve the user experience. Increased profit sharing, reduced strategy entry fee, increased individual following limits, up to 30% trading fee discount are some of the key benefits in the update that PrimeXBT has introduced. The users will get the full benefit of these features.
A review of COV’s tokenomics shows a small circulating supply of 20 million tokens, making it a scarce token. It also has a low market cap of just under $14 million, meaning there is much more room to grow. Used in conjunction with the Covesting Yield Account, COV holders can increase staking profits of up to 2x more than the standard variable rate.
The development team is currently working on pushing out the updates and has so far stuck to the roadmap schedule. PrimeXBT has also added a burn mechanism to reduce COV supply. So far, more than $500,000 of tokens have already been burned using profits from the Covesting module.
With so much happening to improve the value proposition for COV investors, this is a project that’s going places.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
