Covesting Yield enables passive income on PrimeXBT

Staking and yield farming are becoming increasingly popular. With Covesting Yield, PrimeXBT is introducing a product that combines the advantages of DeFi and eliminates the disadvantages of classic staking.

The crypto market not only enables trading a wide range of assets, but also margin trading or perpetual swaps and futures. Another source of income that is becoming increasingly popular is so-called staking. It is an umbrella term for a range of technologies that enable investors to generate passive income.

Staking is not only gaining momentum in the debate about whether Bitcoin and proof-of-work are basically environmentally friendly technologies, but is also suitable for investors who are looking for sources of income without having to raise extremely high levels of equity. After all, participation in mining is not sensible without a corresponding investment. Staking is also attractive if you want to invest large sums because decent returns are attractive.

PrimeXBT starts Covesting Yield

Starts as a leading stock exchange PrimeXBT Covesting Yield with the in-house COV token, which combines the advantages of DeFi in one product and at the same time eliminates the disadvantages of classic staking. From the third quarter of 2021, USDT and USDC will be available for the so-called Covesting Yield function and offer customers the opportunity to generate passive income. Further cryptocurrencies are to follow over time.

In order to fully benefit from the program, customers who hold the COV token will be specially rewarded in a three-stage program:

• Advanced: This level can be reached with a use of COV tokens worth 3,000 US dollars. The profit share is increased by 2%, the follower limit is doubled and a 10% discount is given on the trading fees.
• Premium: This level is reached with a use of COV tokens worth 10,000 US dollars. The profit share is increased by 3%, the follower limit tripled and a 20% discount is given on the trading fees.
• Elite: This level is reached with a use of COV tokens worth 50,000 US dollars. The profit share is increased by 5%, the follower limit is removed and a 30% discount is given on the trading fees.

How can you participate in Covesting Yield?

Covesting is the successful copy trading platform from PrimeXBTthat enables traders to orientate themselves towards successful investors and to understand their trades with their own portfolio.

After opening a customer account, traders not only have access to Covesting, but also the entire power of the PrimeXBT ecosystem. The customer account at PrimeXBT also gives access to the Covesting area and the staking options.

The first phase of the Covesting Yield program has been available since May 2021 and the second phase will start in the third quarter. This will include yield accounts and boosts using the COV token.