Corporate Finance News / Quotidien

Mardi 4 Mai 2021

Covesting Announces COV ERC-20 Token Bridge To Binance Smart Chain and PancakeSwap Listing

Disclaimer: The text below is a press release that was not written by
Avertissement : Le texte ci-dessous est un communiqué de presse qui n'a pas été rédigé par

Covesting, a European fintech software developer focusing on B2B partnerships and innovative cryptocurrency products, has announced that the native COV utility token to the Covesting ecosystem will be listed on Binance Smart Chain as a BEP-20 token.

Hence, the COV token will become multi-chained — interchangeable from Ethereum-based ERC-20 tokens to Binance Smart Chain-enabled BEP-20 tokens and back. Covesting will provide a proprietary bridge within a special section of the company website that allows token holders to change tokens to and from easily.

The benefits of Binance Smart Chain integration include:
Low-cost transaction fees that reach as low as one cent
High-performance capabilities that produce blocks in three-second intervals
Access to cross-chain DeFi applications

Exchanging tokens between blockchain networks allows the token holders to leverage their favorite chain without being restricted to the network choice of the contract owner.

Covesting To List COV Token On PancakeSwap DEX

The recent popularity in Binance Smart Chain and its rapid growth prompted the Covesting team to list the token on the most active Binance Smart Chain DEX: PancakeSwap. Token holders can take advantage of much cheaper and faster transactions within the network, compared to Uniswap, where high ETH gas prices are interfering with profitability. Moreover, PancakeSwap offers additional opportunities for staking and yield farming.

"Not only are we launching the bridge to allow people to move their tokens between ERC-20 and BEP-20 freely, we are also listing COV on PancakeSwap," explained Covesting CEO Dmitrij Pruglo.

After the listing, Covesting will provide a certain amount of COV tokens on the platform that will allow for initial trading liquidity to ramp up. The circulating supply itself will not be increased, as all the tokens allocated there will come from within the current circulating supply. Covesting believes that this will allow our users to have a better overall trading experience and further improve the value proposition for token holders long-term.

What is COV Token

The COV token is a utility token designed to be utilized by users within the Covesting ecosystem. COV tokens specifically are used to unlock multiple benefits and discounts; therefore, demand for COV directly correlates with the combined activity on all supported platforms across all B2B partners.

The core product of Covesting is the copy trading module, recently launched on PrimeXBT under the B2B partnership agreement. The Covesting copy trading module is a peer-to-peer platform that allows users to browse through hundreds of trading strategies provided by strategy managers and automatically copy their trading activity.

COV token integration within the Covesting copy trading module unlocks the following benefits for followers and strategy managers.

Entry fees to engage in copy trading can be eliminated
Profit share can be increased by 5%, reducing the platform fee from 20% to 15%
Individual following limits can be increased
Trading fee discounts can be applied to strategy managers

About Covesting
Covesting is a global fintech company incorporated under the laws of Gibraltar, which offers the broadest array of B2B software solutions for institutional customers worldwide. All custom-developed solutions can be white-labeled, licensed, or fully owned by the client. Covesting is an authorized Distributed Ledger Technology Services Provider with the license nr. FSC1328B.

SOURCE Covesting

Finyear: latest news, derniers articles

Finyear Coffee: Your Morning Newsletter

Flux RSS