The cryptocurrency industry is evolving fast, with the recent emergence of decentralized finance (DeFi) changing the face of financial services.
Among the new services DeFi enables is staking, which pays investors interest for storing their cryptocurrency assets.
Cryptocurrency exchange PrimeXBT is offering a simple way for investors to earn money from staking. The exchange is teaming up with software firm Covesting to offer its customers PrimeXBT Covesting Yield Accounts.
Read on to find out the main features of the account and why you should get in.
PrimeXBT Leverages Covesting Ecosystem
What is Covesting? Covesting is a fintech company that builds software platforms. Its products include copy trading, which allows users to copy the trading activity of other traders, and yield accounts, which stake cryptocurrencies on the user’s behalf. PrimeXBT already offers copy trading.
Covesting has also created the Covesting (COV) token that runs on the Ethereum blockchain. The token provides incentives to users and allows them to benefit as the Covesting ecosystem of products and services grows.
Covesting is providing its technology to PrimeXBT under a licensing agreement.
PrimeXBT Covesting Yield Accounts Make Staking Simple
What is a yield account? In the same way as a traditional bank savings account pays interest in exchange for using your money, a cryptocurrency yield account pays interest for holding your digital assets. But, while banks are offering interest rates barely above 0%, staking offers high returns.
How does interest from staking differ from traditional interest rates? The annual percentage yield (APY) from staking is variable rather than fixed because of changes in supply and demand.
What are the benefits of the new service?
Covesting yield accounts simplify the process of staking coins by bringing together the offers for each cryptocurrency in a single account on the PrimeXBT platform. What are some of the benefits?
- Staking allows you to grow your holdings over time with passive income, so your money is not idle
- Staking further increases the value of your holdings beyond the rise in the cryptocurrency price
- Rather than holding coins and tokens in different wallets and exchanges, you can choose from the protocols with the best rates, right from the Prime XBT platform
- You do not need to understand the technicalities of how staking works or spend time researching the latest offers
- The longer you stake your cryptocurrencies the higher the rates you receive
Earn more with the COV token
The COV token is at the heart of the PrimeXBT Covesting platform. Covesting is updating the token in line with the launch.
Under a new COV staking mechanism, you can earn a range of benefits through three tiers of membership status – advanced, premium, and elite.
The benefits include lower trading fees for strategy managers, higher earnings from profitable trades, and lower entry fees to follow traders.
In addition, users receive an increase in APY of up to 2x for staking COV tokens.
The growth of the Covesting ecosystem increases demand for the COV token and raises its value.
Get started with a PrimeXBT Covesting Yield Account
PrimeXBT Covesting Yield Accounts will launch in the third quarter of 2021. Are you interested in opening an account? Here’s how to get started.
Simply sign up for a PrimeXBT account, go to the Yield Accounts section under the Covesting tab, and join the waitlist. You will receive a notification when the service launches. For the first month after the launch, you will receive a 1% APY bonus.
You will initially be able to stake USDC and USDT. PrimeXBT plans to add support for Bitcoin, Ethereum, and other major cryptocurrencies in the future.
You can start your account with as little as $100 and you will receive interest daily.
If you want help to get started with PrimeXBT Covesting Yield Accounts, contact us for a consultation.
Book a Crypto Training
Watch our Webinars
Enroll in Crypto Online Courses
Become a Pro yourself
Get free Cryptocurrency Tips!
Get monthly cryptocurrency tips.
On top, you’ll get our free blockchain beginners course right away to learn how this technology will change our lives.