PrimeXBT this week launched a new APY-generating tool that bridges the gap between DeFi and real-world adoption. The new Covesting Yield Account system connects to top DeFi protocols like Uniswap, Yearn.Finance, Curve, and more to access variable APY rates of as much as 10%.
The addition of the passive income generating service has helped PrimeXBT’s well-rounded suite of features come full circle. It now makes several ways to make money passively, as well as even more ways to do so actively.
Here is a look back at the award-winning platform when it first started, and the roadmap that helped it become one of the fastest-growing trading platforms around.
Crypto Margin Trading Platform Built On Traditional Market FoundationEarly PrimeXBT messaging was meant to tell the market why it was different from the rest of the trading platforms at the time. It launched during the bear market in crypto – a time when most other platforms went extinct.
The roots in traditional markets also meant that PrimeXBT had several features that other crypto market platforms at the time couldn’t even come close to touching. Few platforms then offered long and short positions, or built-in trading tools. These features made the platform stand out, and its user base began to grow.
Evolution of Asset LineupA major turning point for PrimeXBT was when the platform expanded its list of trading instruments to include gold, oil, forex, S&P 500 index trading, and much more. Doubling down on the idea that the platform was special due to this familiarity with professional traders with long legacies and different requirements as a trader, PrimeXBT sought to become a one stop shop.
For example, the built-in charting tools are a must, as professional traders from forex, stock indices, and more, must rely on a set of technical indicators and oscillators to build and backtest strategies before taking a position.
Influencer And Industry AcclaimSeveral favorable situations transpired for PrimeXBT that even the best laid plans couldn’t have predicted. A cryptocurrency influencer put around five trading platforms head to head for a comparison of customer service, with PrimeXBT earning acclaim for having the fastest overall response time.
In the months following, industry acclaim came next in the form of several Forex Awards, as well as the ADVFN Award for best margin trading platform. With the respect of its peers, PrimeXBT began to attract partnerships.
Covesting Copy Trading Comes To PrimeXBTAnother major milestone for PrimeXBT was the white-label licensing agreement between the company and European fintech software developer Covesting, who had been developing the Covesting copy trading module and looking for a new home to launch it.
Covesting copy trading connects two types of traders together: strategy managers who are able to build their reputation and total profits using PrimeXBT’s advanced trading tools, and followers who are best suited by letting others do the heavy lifting for them.
PrimeXBT V2.0 Upgrade Transforms User InterfacePrimeXBT has gone through several major evolutions at this point in this article, however, few were as dramatic visually as what the V2.0 upgrade brought to the table. The platform saw a visual overhaul, and a restructuring of the navigation and site layout. Additionally, a new reports section was introduced.
The update also brought the introduction of more deposit options and base margin account currencies. Ethereum (ETH), as well as stablecoins Tether (USDT) and USD Coin (USDC) were also added in addition to Bitcoin (BTC). Support for the Covesting (COV) utility token was also added through the ERC-20 wallet.
Altcoin Season Sparks New Asset ListingAfter focusing on the platform itself and adding in more traditional assets for some time, PrimeXBT came back to cryptocurrencies as new tokens began to demand more exposure to professional traders and liquidity became more viable.
In response, PrimeXBT introduced Cardano (ADA), Uniswap (UNI), Chainlink (LINK), Ripple (XRP), Polkadot (DOT), Solana (SOL), and Dogecoin (DOGE). The new assets represent the endless opportunities all from a single account.
COV Token Staking And PurchasingPart of the plan all along was to implement COV token utilities into the Covesting copy trading module down the line, after the initial debut and subsequent testing. The COV utility token was eventually added, enabling users to activate three new membership levels: Advanced, Premium, and Elite.
Each account type offers utilities such as a trading fee discount for strategy managers of up to 30%, while followers enjoy benefits like an increase to following limits, an increase in profit share, and more. Both users can also get more out of the latest tool PrimeXBT has introduced: Covesting Yield Accounts.
Covesting Ecosystem ExpandsWith so many users flooding the Covesting ecosystem, the time was right to introduce yet another new tool. It is also helpful for crypto holders who took a hit during the recent downturn, as it allows anyone to easily make passive income on idle crypto assets. Rather than having them only lose money if you are going to hold anyway, by staking them with Covesting Yield Accounts one can earn up to 10% APY instead.
Staking is available on ETH, USDT, USDC, and users can access top DeFi protocols such as Uniswap, Yearn.Finance, Curve, Compound, and more. CeFi and other DeFi platforms are also planned in future updates. Best of all, users can access these protocols right from within their PrimeXBT dashboard from a secure cryptocurrency account protected by bank-grade security.
Summary: A Continuous Roadmap Of InnovationPrimeXBT is always releasing something to further expand its lineup of products and services. The platform today is nothing like it was when it first rolled out, and is likely a far cry from what it will be in just a couple years more.
Markets move fast, and technology is always evolving. By staying at the bleeding edge of emerging technologies like copy trading, DeFi, and more, PrimeXBT traders will always have the next big thing at their disposal. With many ways to earn income actively and passively, PrimeXBT offers it all under just one roof.