I've made a few posts about Pei in the past. It's essentially a cash back rewards app. You simply connect your bank account or credit card and make transactions like you normally would. Some merchants offer a certain % back and this can later be redeemed for cash or bitcoin.
But I am not here today to retell the usefulness of Pei and earning rewsrds. No, today I am going to talk about a new feature that will make Pei even more useful for some of its already loyal fanbase. The features aren't something I needed, but it is still super exciting to see added.
For what I can see we will be given the opportunity to buy and sell bitcoin within the Pei app itself. But going beyond that, it seems they are offering 4% APY on the bitcoin you hold in the Pei wallet! For a lot of the less DeFi/CeFi savvy and crypto savvy customers, this will be a great way to get them into the crypto interest ecosystem.
The 4% APY doesn't best out any of the rates I am currently getting on other platforms, but that doesn't mean that I think 4% is low. For a rewards app that already gives out a lot of bitcoin, 4% is still generous. I'm not sure how sustainable this model is, but I'm excited to see users take advantage of it while they can.
When I tried to add bitcoin to this wallet I noticed that KYC was required to a certain extent. Pei is US based so I can see why this was not something they could avoid. So as long as you don't mind the KYC protocols, then Pei shouldn't be an issue for you.
It would be cool knowing that the bitcoin you earned from using Pei could then be deposited into your Pei Bitcoin Wallet and start to earn 4% interest. Like one giant earnings circle. And it's all with bitcoin.
At this time I haven't moved any bitcoin to the wallet and I have withdrawn from my Pei rewards yet. I may have to take action and give this service a try if it doesn't make more sense to move my bitcoin elsewhere for the time being.
In the meantime I will share some of the various screenshots I have taken from the email as well as the Pei app. It should help give a better idea to what we can expect so far from this beta product of theirs.
