Currently, these benefits relate to the Covest copy trading platform; however, the developer behind both the token and the copy trading solution that has taken over the global trading community is unlocking even more benefits through an innovative new solution coming to PrimeXBT.
Award-winning PrimeXBT trading is the exclusive home of copy-trading platform Covest thanks to an ongoing B2B white-label licensing agreement between the two financial industry powerhouses.
As soon as this May, COV token staking will be available on PrimeXBT. By locking the COV token, users of the advanced trading platform and the Covest clone trading module can access one of the three account membership levels.
Depending on account status, some benefits and enhancements may be unlocked. The benefits include increased follower count, complete elimination of joining fees, discounts, and more.
The more COV you contribute with Covest and PrimeXBT, the better the account impact.
Then, in Q3 2021, the second phase of the COV token utility upgrade will be introduced through the launch of the Covesting Yield Account system. The Covering Yield Account was just revealed to the industry media and for good reason.
New Profit Generation Module allows users to easily connect to today's hottest DeFi protocols and access variable APY on any idle crypto assets held in the wallet system safety of PrimeXBT.
By leveraging PrimeXBT's internal system and Covesting's technology, users can get the best DeFi APYs.
But what about COVs? The entire Covest ecosystem benefits every time a new solution comes to market, and this time was no different. Therefore, the COV utility token is indispensable to get the most out of the Covesting Yield Account.
Anyone staking COV tokens can get a 2x boost on APY, depending on the amount of COV staked. The 2x APY is a significant improvement over the already high DeFi rates, crushing the ROI of traditional savings accounts.
It is possible to increase by 1% but only for a limited time. Those who visit and join the waitlist on PrimeXBT for immediate participation in the new Covesting Yield Account module will secure an additional 1% APY on crypto assets.
How COV empowers the investment ecosystem, benefits token holders
Covesting's roadmap has always been focused on COV token integration and the bright future for utility tokens and the experiences it's inherent in. Investment copy trading combined with Covesting Yield Account, plus the addition of regular token burns, provide COV with the most robust tokenomic.
The Covest team has burned over 500,000 tokens over time, reducing the overall circulating supply and reinforcing scarcity. The goal of the investment is to support long-term value for all token holders, new and old.
PrimeXBT will become the home of another innovative Covesting module that its users can now access, in addition to some of the most advanced trading tools around. Highly reliable trading infrastructure supporting long and short positions on cryptocurrencies, stock indices, forex and commodities. It offers all the hottest markets right now like gold, oil, Bitcoin, etc.
The entire experience comes together to create a one stop shop for all things trading, investing and crypto. Recent updates to the Covesting ecosystem will make DeFi more accessible than ever and make the one-of-a-kind offering on PrimeXBT an undeniable opportunity for everyone.
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