PrimeXBT launches Covesting Yield Accounts for passive income
PrimeXBT, a fintech that offers to trade in FX, cryptos, and other instruments for traders and investors, has announced the launch of its Covesting Yield accounts that would help the platform users to generate passive income by investing in yield generating assets.
This account offers users the technology to invest in top DeFi protocols like Uniswap, Compound, and Curve without the need for the users to know or understand about the complicated technology or the need for them to connect their wallets to respective decentralized exchanges. The users would be able to trade and invest in FX, crypto, stocks, commodities, and these yield generating assets from with a single user interface which is likely to make it very convenient for them to generate passive income over a long period and enjoy the benefits without the need to understanding the underlying.
Using this tool, the users would be able to put to use their idle crypto assets to generate yields of up to 10% under the current market conditions. The platform would be very transparent to ensure that the users understand what they are investing in and also display the expected returns from the asset at the time of investment so that the investor can make sure that he knows what to expect before investing in the specific instrument. This is part of an ongoing white label agreement and B2B partnership between PrimeXBT and licensed European fintech developer Covesting. Apart from this, the partnership also includes the copy trading and token staking module from Covesting.
The DeFi space continues to grow in a fast manner over the last few months and it is expected that the innovations that are possible in this space along with the implications of the user interaction and dumbing down of the technology involved would help to push this space even further in the future as the investors seek to get more out of their idle assets. PrimeXBT is reported working with partners like Covesting to achieve that and also push the yields even higher so that the investors would continue to enjoy the full benefits even under difficult market conditions. The copy trading module provided by Covesting has proved to be a very useful tool for investors as it allows them to browse through hundreds of trading strategies and choose the one most appropriate for them and apply it to their accounts.