COV Token Utility Is Now Live In Covesting Module On PrimeXBT

December 11, 2020
Reading Time: 3 min
COV Token Utility Is Now Live In Covesting Module On PrimeXBT - Blog Primexbt covest module

PrimeXBT, home to the Covesting copy trading module through a B2B partnership with a Europe-based software development firm by the same name, is delighted to announce that COV token functionality is now live!

Since its debut few months ago, the Covesting module has experienced explosive growth and interest from trading communities globally. Leading platform traders managed to achieve staggering performance results while other platform users were able to follow them and automatically generate the same PnL without doing the work themselves.

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In addition to the cutting edge copy trading technology powering the platform, the company has planned all along for the COV utility token to become central to the experience and unlock a host of benefits to its users.

Getting the copy trading module live on PrimeXBT was the primary goal, followed by the Covesting dev team working on improving risk management features. For example, the max follower cap that was introduced recently as well as the minimum equity requirement for all strategy managers. Additional metrics were also implemented for each public strategy, which allows all potential followers to evaluate any risks and make informed decisions. Now, together with Covesting team, we have completed the second phase of development: the integration of the COV utility token.

What Is The COV Token And What Utility Does It Unlock On PrimeXBT?

The COV utility token is an Ethereum-based ERC20 token designed to bolster the benefits that Covesting offers the trading community.

COV token contract: 0xada86b1b313d1d5267e3fc0bb303f0a2b66d0ea7

COV token is not available in the United States or other jurisdictions where transactions in such ERC-20 tokens/cryptocurrencies as COV are prohibited by law.

Thanks to COV utility token integration, all users are now able to benefit from the following incentives within the Covesting module at PrimeXBT:

Improving Success Fees For Followers: All successfully settled copied trades in profit include a success fee share split between the follower, the trader and the platform. With COV tokens, every follower will be able to improve the % split in their favor.

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No Entry Fees For Followers: The Covesting module has introduced a 1% entry fee for all new Strategy followings. By activating this COV token utility, followers will be able to wave this fee completely and enjoy freedom of making multiple followings and unfollowing’s daily, with no extra cost.

Trading Fee Discount For Strategy Managers: By paying a fixed amount of COV tokens, strategy managers can unlock a 25%, 50%, and 75% trading fee discount respectively. This utility should further improve their trading results and profitability of all Covesting module traders.

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COV Token Burn Program: The Covesting team will burn a portion of the fees generated by the Covesting copy trading module, effectively reducing the COV token supply. All token burn transactions will be transparently available within COV token section as well as in the Ethereum blockchain by exploring COV token contract.

Important: Covesting and PrimeXBT reserve their right to amend offered utilities, amounts required for utility activation, and other conditions at any time. All platform users are advised to actively monitor official communication channels as well as the COV token section inside the Covesting module.

PrimeXBT To Offer COV Token For Purchase To Immediately Unlock Utility 

To support the Covesting community in obtaining the COV token for utility activation purposes and in order to provide seamless user experience, PrimeXBT will allow users to activate these utilities by using their BTC wallet balance. As such, all the BTC collected from Covesting utility activations will be further directed towards systematic COV token buybacks.

In the future, PrimeXBT also considers providing spot exchange services and the opportunity to purchase COV tokens directly on the platform for holding purposes.

PrimeXBT users can begin using the COV utilities and unlock the Covesting copy trading module’s full power starting today. The addition of the COV token integrated into the Covesting platform is just another way PrimeXBT is the one-stop-shop for all things trading.

For more details, visit the Covesting module within the PrimeXBT account dashboard.

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