The relatively recent influx in interest around decentralized finance in the cryptocurrency space has not only seen individuals looking to be a part of it, but also cryptocurrency businesses and service providers. There is excitement around DeFi, but there are also barriers to entry.
The DeFi space, with its yield generating opportunities among others, may be attracting users en masse, but it is not as much of an influx as it could be due to the difficulty of entering the space. Successful yield farming and use of DeFi products requires a rather high level technical background and a solid understanding of cryptocurrency and blockchain.
In order to combat this barrier, PrimeXBT, an award-winning multi-asset Bitcoin-based trading platform, and their software development partner Covesting, are launching in Q3 simple to use yield generating accounts.
Breaking Barriers
PrimeXBT’s new product, Covesting Yield Accounts, are designed to give users the benefit of the DeFi space while simplifying and streamlining the whole process. Users are able to simply stake cryptocurrency tokens on the platform, connect to several DeFi yield generating applications, and gain the highest possible returns on the staked crypto.
This takes a lot of the difficulty out of it for investors who have no doubt heard of DeFi and the huge potential it holds for generating passive interest on crypto, but are not sure, or are wary on how to start.
The Covesting Yield Accounts do all the hard work of searching for staking opportunities; they also allow for a low spend of around $100 to get started and offer daily interest returns.
Simplicity and flexibility seem to be at the forefront of this product, something that is not well known in the nascent and still complicated DeFi space. PrimeXBT allows for its users to withdraw staked amounts with interest at any time; there is no lock up period and funds can be withdrawn once per day meaning after the withdrawal request you will get the full amount plus accrued interest the following day.
A New Audience
The fact that a customer-focused platform like PrimeXBT is coming into the DeFi space and tackling the difficult aspects for users is a big deal to the overall growth of decentralized finance. Many feel that DeFi is the next evolution along the path for cryptocurrency as it puts to work all the potential that blockchain holds.
However, as we have even seen with the likes of Bitcoin’s adoption, it can be a long and lonely road unless better services are made. Bitcoin adoption is only sky rocketing some 12 years after it was created because there are services that cater for institutional investors.
DeFi is a tool for all people, and should not be a difficult arena to enter. For PrimeXBT to make being a part of DeFi as easy as clicking through a few screens shows real growth potential and doors opening for all to enter.
