Covesting Update: Introducing COV Denominated Strategies And Margin Trading
In our last blog update, we walked the community through what the upcoming roadmap would look like for the remainder of the year and looked ahead toward what updates were on the horizon. As the Covesting ecosystem of products and services grows, so do the COV token’s many utilities. We take great pride in offering significant token utility through COV.
Today, we are moving forward according to our roadmap and are proud to introduce COV-denominated strategy and margin accounts.
Details About COV-Denominated Strategies And Margin Trading
The COV token continues to be used by strategy managers and followers to unlock a wide range of lucrative benefits and utilities. Current utilities include an increase in profit share and following counts and a discount in trading fees. COV tokens also unlock improved staking yields. The level of benefits scale according to the total amount of COV, with Advanced, Premium, and Elite Memberships.
As of the latest update, not only does COV token enable the incredible benefits listed above and more, but COV tokens can now be used as an asset to open strategy accounts or as account collateral for margin trading on partner platform PrimeXBT.
COV-Denominated Covesting Strategies
COV token now allows Covesting copy trading module strategy managers to create and launch COV denominated strategies in a little more than a few clicks. This will enable followers to follow such strategies using the COV token.
Moreover, other exciting future roadmap milestones will include an increased profit share for all COV-denominated strategies. Strategy managers will enjoy a 25% revenue share from any and all profits generated for followers compared to the standard 20%, regardless of membership tier. In addition, followers who follow COV strategies will benefit from the maximum 75% profit share instead of the standard 65%.
These significant future utilities will dramatically boost returns generated through the copy trading module for both strategy managers and followers while simultaneously increasing demand for COV tokens.
COV-Denominated Margin Trading
By using COV token as an asset, COV can now be used as collateral for margin trading accounts on partner platform PrimeXBT. COV now joins BTC, ETH, USDT, and USDC among the many available assets that can be used for account collateral to fund margin trading accounts.
COV-denominated margin accounts can be used to trade cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Solana, and more; forex currencies; commodities like oil and gas; stock indices; and gold and silver. COV as collateral for margin trading provides token holders with additional use cases and value.
New COV Token Features Now Live, Future Updates Planned
COV-denominated strategies within the Covesting copy trading module and COV-denominated margin trading accounts are now available on PrimeXBT. In addition to the improvements for strategy managers and followers that are planned for the near future as part of our continued roadmap, COV will also be added to yield accounts to provide more attractive staking options for users.
We hope you enjoy and take advantage of the benefits these latest roadmap milestones introduce to users. We look forward to delivering all planned upcoming releases according to the roadmap and are thrilled to witness first-hand how COV token gains better and stronger utilities with each passing month.
Stay tuned for additional updates in the coming months.
Yours,
Covesting Team
