Covesting’s COV token has been one of the top-performing altcoins of the past 12 months as its price has soared by more than 1,000% throughout that period, with it looking to be one of the most promising investments of 2021’s bull run.
One of the catalysts for this price growth has been the expectation of the release of a range of new COV token utilities, with news recently breaking that the highly anticipated utilities are now live and integrated in PrimeXBT’s Covesting module.
In this guide will be taking a deeper look at the new COV token utilities, starting with a look at what covesting actually is and breakdowns what the COV token, covesting, and PrimeXBT’s Covesting module actually are.
Breaking News – New COV Token Utilities Launched at PrimeXBT
Recently news broke that a range of new COV token utilities have been introduced into the Covesting module at PrimeXBT and are now available for COV token holders to access in order to unlock a number of benefits when they use the Covesting module.
The new token utilities are all designed to increase the demand for COV, as well as cutting its supply, with all 4 of the new token utilities working together in order to increase the scarcity of COV while providing covesting users with a range of new opportunities to cut their costs on the Covesting module and increase their revenue generation.
The reaction to this news has been resoundingly positive throughout crypto social media, and COV token holders and covesting users alike are enthusiastically welcoming this new introduction to PrimeXBT’s Covesting module.
The History of the COV Token
Initially the COV token was created in 2017 during the ICO of Covesting.io, where more than $18 million in funding was raised as a result of the huge demand for copy trading in the crypto market.
Throughout 2017 the price of COV climbed rapidly with an all-time high of $3.28 being reached towards the end of 2017, and with this remaining as the target for many COV investors today.
Undoubtedly one of the most impactful developments in the roadmap of the COV token has been the recent introduction of the new COV token utilities on PrimeXBT.
What is Covesting and Why Has it Grown So Rapidly?
Covesting was the world’s first form of crypto-based copy trading to be introduced to the market, with it borrowing much of the structure of traditional copy trading but revamping the way that partnerships are formed in order to create optimal mutually-beneficial partnerships.
Experienced traders known as “strategy managers” use the Covesting model in order to create peer-to-peer investment funds that can be analysed, compared, and invested into by other users known as “followers”.
The capital invested by followers will then copy the same trades and strategies as the manager, and both the follower and the strategy manager will be able to then achieve the same ROI’s.
PrimeXBT’s Covesting Module
In late 2019, it was announced that Covesting.io had entered a partnership with the largest multi-asset
The beta phase of PrimeXBT’s Covesting module then ran from April 2020 until August 2020 when it was announced as a resounding success following more than $1 million in equity being provided by followers into different funds.
Today the full version of PrimeXBT’s Covesting module is operational on the platform and available for followers and strategy managers alike to use to gain optimal outcomes in the market.
The New COV Token Utilities
The teams behind Covesting.io and PrimeXBT have recently announced 4 new token utilities for the COV token that have now been integrated into PrimeXBT’s Covesting module.
These 4 new utilities are the ability to spend COV in order for followers to remove the need to pay a 1% entry fee when following new strategy managers, the ability for followers to gain more of each success fee that is generated, the ability for strategy managers to dramatically cut their trading fees by up to 75%, and the new COV token burn program where up to 50% of the trading fees from the Covesting module will be put towards buying and burning COV from the open market.
These new CRV token utilities represent a pivotal increase in the utility of the COV token and the ways that covesting users are able to gain even more value from the Covesting module with the use of COV.
The COV token has increased in value by more than 1,000% over the past 12 months as a result of the rapidly increasing usage and adoption of both COV and PrimeXBT’s Covesting module.
The recent introduction of 4 new COV token utilities on PrimeXBT has been an enthusiastically welcomed and positive step for covesting as a way of opening up new opportunities within the crypto currency market.
More information about the 4 new COV token utilities, as well as information about how to get started with covesting on PrimeXBT can be found at this link.
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