PrimeXBT is a client-focused bitcoin-based trading platform trading platform that delivers several ways for its users to make money beyond just trading alone. Trading tools are abundant, but there’s also a four-level referral program, a unique way to get positioned in the market called Turbo, and the Covesting copy trading module that connects followers and strategy managers together.
Coming soon, however, is an all-new experience aimed at disrupting DeFi by providing a yield-generating product to the same award-winning trading platform. Here’s more information on Covesting Yield Accounts, PrimeXBT, and what yield generating products have to offer the greater crypto community.
What Are Yield Generating Products?
Yield farming, APYs, and more flashy buzzwords are all commonly found in decentralized finance, also referred to as DeFi for short. The reason these terms suddenly appeared with such frequency and popularity is due to how much money people are making compared to similar services in traditional finance.
For example, most savings accounts these days provide 0.04% in interest. Meanwhile, DeFi rates are dozens of times more than that, and then some, and it is all thanks to cryptocurrencies and blockchain.
These emerging technologies allow for permissionless borrowing, lending, and more – replacing traditional finance services, all without credit checks or rejections. If you have the crypto tokens, you can access DeFi services.
For example, automated market-making platforms like Uniswap offer trading pairs like COV/ETH. But unlike traditional exchanges that provide liquidity to customers, users provide the liquidity by locking up tokens within the contract. Users must lock up tokens to provide liquidity, and in return for doing so, they earn a distribution of a portion of fees generated by the platform in the form of an APY.
APY stands for annual percentage yield or how percentage return you’d get on investment for locking up a token for an entire year. Rates are variable in crypto, however, due to market conditions and other factors. But still, DeFi APY is far better than what else is out there. The only problem there that remains is that these platforms are still complicated.
What Are Covesting Yield Accounts?
Covesting Yield Accounts is the new yield generating module coming to PrimeXBT in Q3 2021, according to a company blog post. There, the company known for its award-winning trading tools breaks down all the features these accounts will provide and how the COV utility token will be integrated into the experience.
These new accounts act as an interface layer to easily access the aforementioned DeFi products to churn out regular APY but ditch the complicated process, and is streamlined further by Covesting’s unique proprietary technology.
Covesting’s mantra is users-first, which aligns perfectly with PrimeXBT’s client focus approach. The two have teamed up in the past, making it a match made in heaven for teaming up to take on DeFi head-on.
PrimeXBT and Covesting make DeFi easy for all and potentially even more profitable through the COV token and an extremely generous bonus when the service launches.
Why Use Covesting Yield Accounts On PrimeXBT
The most significant factor in relying on Covesting Yield Accounts on PrimeXBT will unequivocally be how simple it is to access unprecedented APY. But it’s not just the experience itself; it is also thanks to the COV utility token – another innovation from the Covesting team.
The European fintech dev has been working on distributed ledger tech for years and received a DLT license from the GFSC. They are the force behind the COV token and the think-tank behind the growing Covesting ecosystem.
The COV token itself helps users get the most out of Covesting Yield Accounts by unlocking up to a 2x boost on accounts. Staking COV tokens unlocks these exclusive benefits – the more tokens staked, the better the increase and other benefits across three different account tiers.
What Covesting Yield Accounts Mean For PrimeXBT And Covesting Users
The products Covesting produces are industry-defining. Thus far, Covesting modules have all been found exclusively on PrimeXBT due to the ongoing B2B partnership. Both brands have significantly benefited from the business synergy and together continue to redefine the world of finance.
Each company has published a blog post offering their unique perspective about the upcoming yield generating accounts and reiterating their combined commitment to providing the trading community with only the best of the best in trading tools.
Soon, traders of the platform will be offered yet another way to earn through the new yield generating module. Covesting Yield Accounts are currently planned for a Q3 2021 launch.