Europe-based licensed financial software developer Covesting is the team behind several of the crypto industry’s most innovative projects, ranging from the Covesting copy trading module and the COV utility token.
The company has in the past released several financial products on B2B partner platforms and will soon deliver additional disruptive solutions centered around DeFi protocols that also introduce new essential COV token utilities to the Covesting ecosystem.
Here’s what the new COV token utilities bring to the global crypto community, token holders, and beyond, as well as the first look at new Covesting Yield Accounts, COV token staking, and much more coming soon to PrimeXBT.
What You Need To Know About Covesting And COV Token
Covesting is a long-standing pillar of the cryptocurrency industry. It was one of the first cryptocurrency exchanges to earn a highly respected license from the GFSC, with ambitious goals to launch a world-leading copy trading module.
After several twists and turns, and a long, arduous bear market, Covesting made the now-proven positive decision to focus on B2B solutions instead of direct B2C offerings. The result was the Covesting copy trading platform’s debut on PrimeXBT last year, and the trading community has never been the same since.
The Covesting copy trading module connects strategy managers all vying for the top ranks on the global leaderboard with followers who want to copy the trades of only the best the platform has to offer. Together, they both make money when trades go as expected.
All experiences developed by Covesting are designed with the COV token in mind from the ground up. Covesting copy trading, for example, unlocks a variety of benefits for users, including eliminating new following entry fees, reducing trading fees overall, or improving the profit share by lowering the percentage the platform itself receives.
Regular token burns round out the long-term value proposition, making the token supply even more scarce by systematically reducing it at regular intervals. Covesting has burned over a half a million COV tokens so far.
What’s ahead is going to only further bolster COV token utility, usage, and therefore demand and long-term value. Token holders will soon be able to stake COV tokens to unlock three different tiers of account benefits – ranging from Advance, Premium, and Elite. Each level provides a wealth of benefits and can boost the APY rates on another incredible product in the Covesting line-up: all-new Covesting Yield Accounts.
More Utility Coming To COV Token, Unlocked By Covesting Yield Accounts
Covesting Yield Accounts are set to disrupt the DeFi arena by making the permissionless decentralized protocols much easier to access and get the most out of. Without needing advanced technical expertise or spending several hours researching and connecting wallets, users can maximize the value of the PrimeXBT account system by leveraging idle assets held there.
The new Covesting Yield Account system allows users of the platform to easily connect those idle assets to automated market-making platforms and the respective liquidity pools to easily bring users a variable APY based on market conditions.
Now, here’s where the COV token continues to work its magic. COV token holders can access up to a 2x APY boost by staking COV tokens. COV staking, as mentioned, also brings several other account benefits depending on the tier. The higher the tier, the better the APY boost.
For those that don’t have COV utility tokens yet, you can get them on KuCoin, Uniswap, and select platforms. And just because you don’t have any COV tokens yet doesn’t mean you can’t take advantage of Covesting Yield Accounts. Anyone registered to PrimeXBT can access the tool; COV just makes it better.
Early birds who join an already growing waitlist through the PrimeXBT dashboard get first access and can secure an additional 1% APY boost during the first month the new module goes live on PrimeXBT.
Join The Waitlist On PrimeXBT For An 1% Early Bird APY Boost
For anyone that doesn’t already know, PrimeXBT is an award-winning trading platform offering long and short positions on forex, crypto, commodities, and stock indices like the DOW and S&P 500. Traders can leverage these markets within the Covesting copy trading module.
PrimeXBT recently had its V2.0 upgrade, which introduced ETH, USDT, and USDC alongside BTC for margin accounts. These same assets, along with the COV token and the massively growing list of instruments, will all be available for staking within the all-new Covesting Yield Account solution when it launches come Q3 2021.