Some time ago PrimeXBT announced a partnership with Covesting.
Covesting is one of the first fintech companies in the world to receive a DLT (Distributed Ledger Technology) license from the Gibraltar regulatory authorities.
It offers a wide range of software solutions for institutional and retail clients worldwide, and through a platform that connects traders with followers, it allows them to mutually profit from each other.
In fact, traders earn a share of the commissions generated by their followers, while followers can trade following the traders’ successful strategies.
Covesting Copy Trading available to all PrimeXBT users
Covesting also has its own ERC20 token, COV, with a limited supply of only 18 million tokens, and which allows its holders to obtain certain advantages on the copy trading platform, including for example the reduction of commissions paid by followers.
In addition, COV holders will not be required to pay a subscription fee, as the Covesting module charges followers a 1% subscription fee on all new strategies.
Finally, it allows for a discount on trading commissions for strategy managers, as by paying a fixed amount in COV tokens they can get discounts of 25%, 50% or 75%.
Covesting will also burn a part of the commissions generated by the copy trading module, thus reducing the supply of COV tokens. All burn token transactions will be transparently available within the COV token section on the Ethereum blockchain by exploring the relevant smart contract.
PrimeXBT will allow its users to purchase COV tokens in BTC to obtain these benefits, and will subsequently use all BTC collected in this way for systematic buybacks of COV tokens on the market.