Covesting will launch a Performance Accounts service, with which its users will be able to generate a return on their cryptocurrency holdings.
In this way, users will be able to transfer their assets to their “Covesting Yield” account, in PrimeXBT, to receive variable interest while doing “hodl”.
That is, the money starts working for the customer, rather than just sitting idle.
Recently, the Covesting firm took the lead in software development and is tasked with providing technology to the PrimeXBT exchange, under the ongoing B2B license agreement.
This launch, together with the new participation service, will be the new additions to the platform and are scheduled for the next third quarter of 2021.
Getting into the DeFi
Covesting Yield Account transports its users directly to the best decentralized finance (DeFi) applications, to obtain the best possible returns.
And it is that these accounts connect customers with DeFi performance generation protocols, to offer an attractive real performance rate (APY).
Another striking addition to these new Covesting performance accounts is that, as they provide transparency through the copies trade module in their leaderboards, the company plans to facilitate real-time visualization of how much estimated performance can be expected .
Thus, users can quickly and easily track earnings, increase deposits, make withdrawals, and more.
With this, Covesting seeks to offer its clients better exposure to their possible returns with the least risk, while providing industry-leading performance conditions with unmatched clarity.
So you can use the Covesting Yield Account
Using these performance accounts on the platform will be extremely simple, once they are launched on the market in late 2021.
All you have to do is log into the control panel of the account PrimeXBT, clicking the “Covesting” tab and press on the new section “Yield Account” to start making “stake” of cryptocurrencies to be taken into the exchange.
The platform included detailed charts and metrics on historical performance, in any selected currency supported by the exchange.
In addition, an APY calculator will be available that will provide a snapshot of the estimated potential earnings, after entering information on which and how much of any asset you wish to stake.
How does this new product work?
With Covesting performance accounts, users authorize their funds to be used for loans or market-making activities and at the same time receive an interest payment for it .
Lenders can be various market participants such as trading platforms, institutional market makers, loan platforms, and more.
Covesting Yield Account is similar to a traditional bank savings account.
That is, when you deposit funds into a savings account at a bank, you give your bank permission to use your money.
Banks use these funds to lend to third parties, invest in bond markets and other financial activities.
For this reason, the entity returns you some interests, but they are very little compared to what they really earn.
A hedge yield account works the same way: the client receives interest for the use of their funds in various DeFi trades.
The difference is that, with Covesting, the interest rates are higher than those offered by traditional savings accounts today.
As low as $ 100 worth of dormant crypto assets are required to get started, and interest is paid on a daily basis.
Hedge Yield Accounts are very flexible, allowing users to withdraw the amount of their stake with interest whenever they want.
There are no long lockout periods, so withdrawals are done once a day. Upon completion of the withdrawal, the user will receive the full amount plus any accrued interest.
Without a minimum investment period, users have full control over their funds. However, interest swaps are processed at the end of the 24-hour pay period and may take a few hours to process.
The COV token will also benefit
Covesting introduced an innovative participation mechanism for its COV token, with this new product.
By blocking COV tokens, users receive three levels of account membership status: Advanced, Premium or Elite, with which they can enjoy a wide range of benefits within the platform’s ecosystem.
The cryptocurrency will benefit all levels of membership status in multiple ways, ultimately increasing the profitability of the product in favor of members staking COV tokens.
In this way, strategy managers can reduce their trading fees; Followers can eliminate entry fees and improve the percentage split they get from profitable trades.
In addition, Covesting performance accounts will also provide additional features and benefits unlocked, through the COV token utility.
Users who stake COV will receive a massive increase in their real return, obtaining up to double and high returns over standard variable rates.
In this way, the platform provides a unique and diverse value proposition for all token holders, users, and followers.
The first users will be awarded
Covesting’s hedge performance accounts are planned for the third quarter of 2021.
However, those who join the waiting list early will receive an additional bonus of + 1%, in addition to the standard APY rates.
To join the waiting list and sign up for the + 1% bonus, all you need to do is:
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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO, and should not be attributed to CriptomonedaseICO.