How COV Token Will Boost Your APY Returns | Licensed European fintech software developer Covesting is no stranger to innovation, having created one of the most talked-about new solutions in the trading world: the Covesting copy trading module.
In addition to leveraging the peer-to-peer platform to unlock profitability like never before through copying the trades of successful strategy managers, Covesting will soon integrate a new APY-generating product on PrimeXBT, called Covesting Yield Accounts.
These Covesting Yield Accounts, as yet another piece of the growing Covesting ecosystem, will receive an enormous boost from the native COV utility token. Here’s much more on how the COV token can boost APY returns for all token holders.
What Is The COV Utility Token?
The COV utility token is the native token to the Covesting universe of products and services. At the center of all fintech solutions, Covesting integrates the COV token within its very core.
The token itself unlocks the limitless potential within the Covesting copy trading module currently, and much more utility is on the way. Even more exciting for token holders is the fact that soon COV will also be integrated within Binance Smart Chain as a BEP-20 token, in addition to the ERC-20 token version.
This way, users can swap back and forth between Ethereum or Binance Smart Chain tokens, taking advantage of their favorite chain wherever they’d like. Covesting makes doing so simple with an easy to use, proprietary bridge system.
What Is Covesting, Copy Trading, And Covesting Yield Accounts?
Covesting is a European fintech developer that offers software to business partners under a while label licensing agreement. Under the agreement, Covesting’s various modules and technologies are directly integrated into the partner’s platform in close cooperation with the partner.
Covesting selected PrimeXBT as its first exclusive partner out of a sea of competitors due to the platform’s large user base, advanced trading tools, and long and short positions. The relationship has been prosperous ever since, benefiting both businesses and users alike.
The first significant module introduced was the copy trading module, and soon, Covesting Yield Accounts will also be launched. The Covesting copy trading module connects followers with strategy managers, allowing them to copy their trades and earn a profit from markets without having to trade themselves.
How Does COV Utility Work In The Covesting Ecosystem?
The COV token unlocks a variety of benefits for users of the Covesting copy trading platform on both sides of the trade. Followers can avoid all entry fees and access an enhanced profit share. Strategy managers can get a discount on trading fees, increasing the chances for profitability.
Staking COV tokens will also unlock three different levels of benefits – each better than the next. In addition, COV tokens will improve the conditions of the new Covesting Yield Accounts as well. Here’s how.
COV Boosts APY For All Token Holders
When new Covesting Yield Accounts go live in Q3 2021 on PrimeXBT, anyone who has signed up for the waitlist will get an additional 1% boost on APY across all crypto assets during the first month after launch.
However, once the intro phase is over, the only way to get such a boost is to lock up COV tokens. Anyone who stakes COV tokens will receive up to 2x more in APY boosts, improving profitability across the board.
How COV Token Gets A Boost At The Same Time
Although what matters most to users is the boost in APY they’ll receive for staking COV tokens, the COV token value proposition itself gets a major enhancement by also being integrated into Covesting Yield Accounts. By adding more ways that COV utility is unlocked, the token’s value increases for the long-term, and demand conditions also increase considerably.
Essentially, it’s a self-serving system where owning COV provides the most benefits, and using COV improves the value of the token and ecosystem itself. It’s a win-win for all parties, and when products like Covesting copy trading and Covesting Yield Accounts are involved, there’s simply so much to be excited about surrounding the COV token.
Visit the official Covesting blog to learn more about the Covesting brand, its products, and the roadmap ahead for the COV token. Much more innovation and utility integration is on the way.