Late last year, European fintech developer and PrimeXBT B2B partner Covesting revealed its 2022 roadmap and with it a host of new updates and utilities that would further enhance usability, value, and functionality. of the VOC token.
This week, one of the hottest new features planned for COV was officially launched on PrimeXBT. Here you will find everything you need to know about the new VOC denominated accounts at PrimeXBT and what they have to offer.
PrimeXBT and Covesting: a brief history
The partnership of Covesting and PrimeXBT has been a perfect mix. PrimeXBT offers world-class trading tools, assets, and infrastructure. It is also home to many Covesting software innovations, such as the copy trading module. The natural connection between PrimeXBT and Covesting led to the addition of an ERC-20 wallet for COV deposits, which token holders could use to activate Advanced, Premium or Elite memberships.
These memberships allow for account-level profits that scale with each level, further improving things like individual follower counts, profit sharing, or trading fee discounts. COV memberships can also increase APY rate on bets through performance accounts. But more flexibility has just been added for COV tokens and holders.
The debut of VOC-denominated accounts on PrimeXBT
Starting today, COV token holders can deposit and open two types of COV-denominated accounts on PrimeXBT: Margin Accounts and Covesting Copy Trading Module Strategy Manager Accounts.
Using COV as an asset to open a Strategy Manager account makes sense for the community, considering that many users already have COV tokens to activate memberships. It also allows followers to pursue these VOC-denominated strategies and earn more VOCs in the process. Setting up a COV-denominated strategy account is as easy as any other account, except that COV is selected as the chosen asset for collateral.
COV can also be used as collateral for COV-denominated margin accounts, offering access to a massive list of trading instruments under one roof. PrimeXBT has a wide range of cryptocurrencies; forex currency pairs, from traditional to more exotic pairs; commodities such as oil and gas; popular stock indices, and more.
Roadmap promises more VOC incentives ahead
The Covesting roadmap update that had COV-denominated accounts mapped out also triggered several other important incentives that have not yet been activated, but will be coming soon. When using COV-denominated Strategy Manager accounts, Strategy Managers will earn 25% revenue share versus the standard 20%, regardless of COV membership level.
Follower accounts denominated in COV will also earn their returns in COV. Future incentive updates will increase the profit share from 65% to 75% and, again, will not depend on any specific membership level.
By making COV more attractive to use over other assets, it will in turn increase demand for the usage token and benefit the entire Covesting ecosystem and community. Covesting and PrimeXBT also plan to enable COV as a staking asset within the APY-generating performance account tool.
An Overview of PrimeXBT’s Feature Set
The Performance Accounts and Covesting module are only scratching the surface of what PrimeXBT has to offer over the competition. The core service is margin trading of all of today’s most popular trading instruments under one roof, with the most advanced trading tools available.
Traders have access to built-in technical analysis tools so they can plan a detailed strategy without ever leaving the platform. Strategies can even be tested risk-free within the Contests section of the platform. Users can join in a stress-free trading competition using virtual funds, with USDT prizes of up to $5,000.
Contests, charting tools and much more are among the many ways that PrimeXBT caters to beginners and professionals alike. There is also an official blog packed with tips and guides, and the social media presence is very active, regularly engaging with users.
The platform itself boasts up to 99% uptime and some of the strictest security protocols in the cryptocurrency industry. Assets like COV, BTC, ETH, USDT, and USDC are protected by cold storage, and accounts have additional protections like two-factor authentication and address whitelisting.
Conclusion: VOC-denominated accounts are now available
Accounts denominated in COV are now active on PrimeXBT. COV token holders can take advantage of this feature immediately. Other users can buy COV using the PrimeXBT exchange tool by exchanging BTC or ETH for COV.
The experience on PrimeXBT is robust on its own, but with these added COV token features, it is a platform like no other to consider.
DISCLAIMER: Neither Cryptopress nor the authors give investment advice or recommend any products or services mentioned, and any loss is at your sole risk. Do your own research before risking money on any of the projects or companies mentioned.