In a continued B2B partnership, European software developer Covesting and the award-winning margin trading platform PrimeXBT have introduced a new type of Covesting account module that enables some of the most competitive APY rates on crypto-assets anywhere in the industry.
What’s even more notable is the fact that the innovative new tool has been designed from the ground up to enable quick and simplified access to the hottest DeFi applications, all without having to dive deeply into decentralized finance technical expertise or spend hours of time.
Here’s how together Covesting and PrimeXBT are setting out to make DeFi simple for all.
What Is Covesting?
Covesting is a fintech software developer responsible for building such revolutionary experiences as the Covesting copy trading module. The Covesting copy trading module connects followers with strategy managers, allowing them to copy all trading strategies and earn a cut of the profits.
At the center of the ecosystem is the native COV utility token, which unlocks a variety of exclusive benefits only available to token holders.
- Eliminating entry fees on copy trading.
- Reducing trading fees.
- Improving the profit share for followers.
COV tokens will also be central to the new Covesting Yield Accounts, enabling higher rates than what is otherwise possible on top crypto assets offered by PrimeXBT.
What Is PrimeXBT?
PrimeXBT is an industry-leading CFD trading platform offering forex, crypto, stock indices, and commodities all under one roof. Through a B2B, while label licensing agreement, the Covesting copy trading module is available exclusively at PrimeXBT. And now, the Covesting Yield Account module will also find a home at PrimeXBT.
Users of the platform can tap into deep liquidity with instant order execution and little to no slippage. The platform is ultra fast, reliable, and orders will when you want, at the price you expect. Built-in charting tools, stop loss orders, and much more give traders an edge in markets. And soon, with Covesting Yield Accounts, PrimeXBT will dominate DeFi also.
What Is DeFi?
DeFi stands for decentralized finance and is a growing global phenomenon providing equal and accessible financial services to all through cryptocurrency and blockchain technology. However, because these advanced technologies are still in their infancy, they can be complicated for those who don’t have the time to invest and learn at the same time.
DeFi provides crypto holders with permissionless lending and borrowing, using collateral and requiring no credit checks or approvals. If you have the tokens, you can participate in DeFi apps to lend, borrow, or generate an APY on idle crypto assets.
Not only is the segment itself soaring in growth, but it has quickly become the hottest trend in crypto in years, introducing a variety of new buzz words such as yield farming or swapping.
How Covesting And PrimeXBT Make DeFi Simple For All
Although DeFi is booming, it is still a tough nut to crack for most and is intimidating to newcomers of crypto technology. It takes some technical expertise, time, and understanding of how to access DeFi dApps and get the most out of them. Users will need to access a dApp browser, connect a wallet, and more.
But with Covesting, PrimeXBT, and the new Covesting Yield Accounts, DeFi is possible in just a few clicks. The Covesting module software automatically calculates the best possible industry rates from automated market-making platforms like Uniswap, allowing users to access liquidity pools and generate an APY.
Rather than traditional platforms where the exchange itself offers users access to liquidity, users themselves provide the liquidity on this type of platform. For doing so, they earn rewards on their crypto assets. With demand so high on crypto, rates are extraordinarily high – crushing traditional savings accounts.
Staking COV tokens can increase the APY by as much as another 2x, and anyone who joins the waitlist via PrimeXBT not only gets early access but they get an early bird boost on their first month of APY earnings during the launch phase.
Covesting Yield Accounts are coming in Q3 2021, so there’s still time to get in on the waitlist and get ready for the profits to come. Covesting also introduced several new ways that the COV token will become further enhanced with utility for ecosystem participants and token holders alike.