What You Should Know About Covesting Yield Accounts

Covesting Yield Accounts are a new product recently announced by PrimeXBT in partnership with a European B2B software developer named Covesting. The company also is the masterminds behind the COV utility token and the Covesting copy trading module it powers.

The native token is also an essential piece of the new yield-generating service and builds even more deeply into the Covesting ecosystem. The new Covesting Yield Account module adds to PrimeXBT's award-winning product lineup and could be a game-changer for DeFi.

Here's everything you need to know about PrimeXBT, Covesting, the new Covesting Yield Accounts, and much more. We'll also break down how the COV utility token comes into play, acting as the glue that brings the entire experience together.

What Is PrimeXBT?

PrimeXBT is an industry-leading and reliable trading infrastructure offering long and short positions on a diverse range of CFDs ranging from forex, commodities, stock indices, and top cryptocurrencies. Built-in charting tools, something called PrimeXBT Turbo, and much more round out a robust set of advanced trading tools that give the trading community a competitive edge.

For those that can't get the hang of trading themselves or are incredibly skilled, PrimeXBT is home to the Covesting copy trading module. Users can scan through a massive list of traders ranked by risk and skill via a global leaderboard and choose which strategies they want to follow. Followers can then copy the trades of these strategies and earn when these skilled traders profit. Strategy managers get a cut of follower's profits.

What Is Covesting?

Covesting is the developer behind the one-of-a-kind copy trading module. They are also behind the native COV utility token. Covesting takes its responsibility related to fostering COV community growth and regularly adds new ways for token holders to extract more utility and value from the token.

Covesting offers its modules and technologies to B2B partners via a while-label licensing agreement. PrimeXBT is the first major partner to successfully launch the Covesting copy trading module and was an ideal partner for introducing Covesting Yield Accounts as well.

What Is A Covesting Yield Account?

Covesting Yield Accounts are a new module being brought to PrimeXBT in Q3 2021 by the same team behind the copy trading module: Covesting. Their expertise in building efficient systems that offer unprecedented and innovative experiences to the crypto community has been instrumental in bolstering PrimeXBT's lineup of products - the latest of which is the new Covesting Yield Account system.

New Covesting Yield Accounts connect PrimeXBT users to the most popular yield-generating DeFi protocols on the market today and makes it much easier to access variable APY rates. An APY is offered to any users who stake idle crypto assets using the Covesting Yield Account system.

Rates offered are much larger than anything offered by traditional finance today, and then some. Even better, by joining a waitlist on PrimeXBT, early birds will get a 1% APY boost for the first month after its release later this year. Moreover, there's a way to unlock as much as a 2x multiplier on APYs by staking the COV token.

How To Get The Most Out Of Covesting Yield Accounts With COV Token

The COV utility token is the native token of the Covesting ecosystem and the backbone of several Covesting systems. By staking COV tokens, users can unlock up to three different account levels that each activate increasingly better benefits at each higher level.

Benefits include improving fee conditions on Covesting copy trading or improving the APY boost by staking COV tokens. The more COV tokens staked, the better conditions get. Staking COV tokens unlocks up to a 2x increase.

The inclusion of COV in the new Covesting Yield Account system, in addition to its use within the innovative copy trading module, will increase demand for the COV token. Covesting adheres to industry-best tokenomics for the COV token, such as token burns to improve the value proposition for token holders. More than 500,000 tokens have been burned thus far.

Covesting Yield Accounts, COV Staking Coming This Year

COV token staking, new membership tiers on PrimeXBT, and Covesting Yield Accounts are all coming this year, with staking coming this May and the yield-generating service planned for a Q3 2021 launch.

When these tools go live on PrimeXBT, the COV token holder community, APY-generating products, and DeFi itself will all get a significant boost. Visit PrimeXBT to join the waitlist today and secure the 1% early bird multiplier at launch.