How PrimeXBT V2.0 Connects With Ethereum

How PrimeXBT V2.0 Connects With Ethereum
Photo : How PrimeXBT V2.0 Connects With Ethereum

PrimeXBT was among the first platforms to debut a copy trading module in partnership with Covesting, the first to provide both long and short positions simultaneously, and the first to make DeFi simple with Covesting yield accounts.

They were also way ahead of the trend when it came to the recent Ethereum rally, making a pivotal infrastructure upgrade to the high-performance trading platform before the big breakout. In fact, from the time PrimeXBT revealed the V2.0 upgrade that supported ETH and ERC-20 tokens, Ethereum doubled in value from $2,100 in early April to more than $4,200 less than one month later.

Here is more information on why PrimeXBT made the decision to support Ethereum and ERC-20 stablecoins in addition to the Bitcoin-based margin accounts the award-winning platform is known for.

All About PrimeXBT V2.0

In early April, PrimeXBT revealed its most significant platform upgrade yet, dubbing it V2.0. The update was made to add multi-currency support - specifically ETH, USDC, and USDT. There's also support for fiat currencies and more on the way, but notable was the addition of Ethereum, the ERC-20 versions of the two stablecoins, and the timing of their introduction.

The trading platform has taken home several industry awards in relation to its Bitcoin-based margin trading experience, and the addition of Ethereum and stablecoins expands the platform's reach and improves the base account currency options so that there's the possibility of less impact due to normal market volatility.

Stablecoins provide such a safe haven thanks to their being tied to the stable global reserve asset that is the US dollar. Compared to cryptocurrencies like Bitcoin and Ethereum, any volatility is a walk in the park.

COV ERC-20 Token Unlocks Partner Utility

But it wasn't just stablecoins as to why PrimeXBT added support specifically through the Ethereum blockchain. There's another ERC-20 token in town that is also crucial to the platform's experience.

That token is the COV utility token - an ERC-20 token that isn't just crucial to the PrimeXBT experience but is also the native token to the Covesting ecosystem and is essential for getting the most out of the developer's tools.

Covesting licenses its fintech software solutions to PrimeXBT under a B2B partnership agreement. Covesting is also the creator of the COV token built on the Ethereum smart contract standard. COV is an integral piece of both the Covesting copy trading module and the upcoming Covesting yield account system scheduled for Q3 2021.

Its utility unlocks various benefits for token holders, such as reduced trading fees, improved profit shares, and much more. Staking COV tokens also provides token holders with a massive 2x APY boost.

Systematic token burns are part of value-forward tokenomics, which have earned the token a deflationary factor that other coins simply cannot touch. Covesting has burned over half a million coins and counting, boosting the value propositions for token holders globally.

Ethereum: The Hottest Coin In Crypto

Should you invest in Ethereum in 2021? Beyond all of these other bells and whistles that Ethereum has to offer, the real reason for supporting Ethereum is Ether itself. Ethereum is booming, beating even Bitcoin and its altcoin brethren in terms of return on investment. It is beating out the rest of DeFi and is why the entire NFT trend even exists.

More than half of all crypto is built on the foundational blockchain layer that is Ethereum. While naysayers like to complain about fees and how slow transactions can be, the coin carries the weight of the industry in its back and does a great job at it.

ETH being locked in DeFi applications, staked in ETH 2.0 deposit contracts, and institutions scooping up all the ETH they can, there's less and less Ethereum to go around. When the upcoming EIP-1559 improvement arrives, ETH fees will be burned, increasing the scarcity of Ethereum to be more on par with Bitcoin itself.

Summing It All Up

Using PrimeXBT, now users there can not only trade Ethereum CFDs alongside other crypto assets, forex, commodities, and more; they can now do so with ETH and ERC-20 stablecoins thanks to the platform's revolutionary new upgrade: PrimeXBT V2.0.

Users can expect the same long and short positions they've come to expect but can now open margin accounts with these newly supported account currencies and take advantage of all they have to offer the global crypto community.

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