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Utility coins are a dime a dozen, but those that actually provide a plethora of benefits for holders are ultra-rare and worth paying closer attention to.
The COV token is a utility token that unlocks a variety of account-level benefits already but continues to evolve in the available ways holders can utilize the asset. The latest update from Europe-based fintech developer Covesting has brought even more new features to the COV token through partner platform PrimeXBT: two new COV-denominated account types.
COV Token Update Enables COV-Denominated Margin Trading And Strategy Accounts
Starting today, COV holders gain yet another valuable way to use the utility token — as an asset to fund a copy trading strategy manager account or as collateral for margin trading.
COV joins BTC, ETH, USDC, and USDT, giving traders more flexibility and options overall. COV holders can access any of PrimeXBT’s more than 50 different trading instruments across crypto, forex, commodities, stock indices, and more. PrimeXBT’s list of assets is constantly expanding, recently adding Dogecoin, Cardano, and other top altcoins.
Future Covesting Roadmap Promises More Incentives For Utility Token Users
In the future, the Covesting roadmap includes additional incentives for COV users, such as an increase in revenue share earned by strategy managers to 25% from the standard 20%. Followers of COV-denominated strategies will also be awarded the maximum 75% profit share over the usual 65%. These benefits will be activated regardless of membership level.
Existing COV utilities include an increase in individual followings, an improved profit share, trading fee discounts, and more. These account enhancements get better with each level ranging from Advanced, Premium, and Elite.
Everything You Should Know About The COV Utility Token
COV-activated memberships also increase the APY staking rewards on yield accounts by up to 2x. In the future, COV will be added to the list of assets that can also be used to earn staking rewards. Covesting has these updates and several others planned for 2022, according to the company roadmap.
The COV token itself is an ERC-20 utility token with a scarce supply, an active community, and underpins the entire Covesting ecosystem. The latest COV token updates are now live on PrimeXBT, and a guide on how to utilize COV and set up each account type can be found in the platform’s official blog.
Be sure to also join the official Covesting community Telegram to stay on top of any upcoming future COV token utility updates.
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