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What can you do with your fiat in your bank account? Well, you can pay your expenses but you won?t earn any passive income from your bank account. The inflation is actually higher than the interest you get from your local bank, so in the end, you are losing money.
I am definitely tired of the traditional banks with their meager interest rates and I guess the same applies to you. Luckily I have some good news for you because cryptocurrency lending platforms could be exactly the solution we are looking for. Lending is a low-risk way to put your crypto to work.
Here are TOP 5 Centralized Cryptocurrency Lending Platforms in no particular order.
I am using all these five platforms by myself. For this reason, you won?t find Celsius on my list. It is geo-restricted in my jurisdiction and so I can?t test it to give you a recommendation. So just because Celsius is not on this list, doesn't necessarily mean that it is a bad choice.
1. BlockFi
Of course, BlockFi has a safe spot on this list. BlockFi offers interest-earning accounts, low-cost USD loans secured with crypto, and fee-free trading. It offers the best rates for these services, flexible structures, and the highest degree of security available in the blockchain lending ecosystem.
BlockFi is the only independent lender with institutional backing from big investors that include Morgan Creek Digital, Valar Ventures, Winklevoss Capital, Galaxy Digital, Susquehanna, Akuna Capital, Fidelity, and COINBASE Ventures.
BlockFi has some attractive features. For example, there is no minimum deposit required to earn interest. You can also send small amounts of Bitcoin to your interest-bearing account on a continuous basis. Interest is paid monthly and directly credited to your existing balance. You can select in which Crypto you wish to receive your monthly payments. Finally, you can withdraw funds once a month for free.
If you use my invitation link to sign up for BlockFi and deposit $100 or more into your BlockFi Interest Account, you can get a bonus of up to $275 in Bitcoin on top.
2. BINANCE Earn
Binance Earn offers you different opportunities to put your crypto to work, a great way to generate several passive income streams. I already wrote a complete post about Binance Earn here on Publish0x, explaining all the different Binance Earn Products in detail.
Here you can read everything you need to know about Binance Earn: Ways To Generate Passive Income On Binance - Earn Crypto While You Sleep
3. CakeDeFi
CakeDeFi is a platform that offers different services to generate passive income. You can participate in Liquidity Mining, Staking, and also Lending.
The benefit of Lending is that it has guaranteed returns and a potential bonus. The Base APY is guaranteed and additionally, you can get bonus returns when the price of the native coin goes up during a batch.
CakeDeFi offers a juicy bonus of $30 in $DFI when you register on CakeDeFi?s website and fully verify your account.
Make your first deposit and you will receive a bonus of $20 worth of $DFI. The minimum deposit to receive your bonus is j$50 in any supported cryptocurrency like Bitcoin or Dash. If you use a referral code for signing up, you and your referrer will receive an extra $10 worth of $DFI. This makes a bonus of $30 in $DFI in total.
Please note, that the bonus will be locked up and staked for 180 days. The good news is that the locked-up bonus automatically yields high staking returns during this time. These staking rewards will be added on top of the bonus and can be withdrawn after the lock-up period has ended.
4. KUCOIN Lending
If you are withdrawing your hard-earned tokens from PUBLISH0X directly to KuCoin, you can put your Publish0x earnings directly to work on KuCoin.
KuCoin Margin Trading supports lending cryptocurrency to other customers for funding markets and to charge interest. This means you are lending out your assets to margin traders on KuCoin, so that they can leverage their trading positions. The KuCoin Lending platform offers a comprehensive risk control system that ensures the protection of every users' assets.
5. Nexo
Another well-known crypto lending platform that I would like to recommend is Nexo. It was launched in 2018 and since then, Nexo has processed more than 1.5 billion dollars for over 500.000 users. This makes Nexo an extremely popular lending platform.
As you see in the screenshot above, Nexo supports a wide range of different coins and tokens. If you have at least 10% of your holdings in Nexo Tokens the interest rate will increase up to 10%.
My Final Words
Cryptocurrency lending platforms are a great way to generate passive income. Sit back, relax and slowly but surely build your stack over time. I am using all five of these platforms. Don?t forget to take advantage of the several sign-up bonuses.
At the end of my post, I also like to remind you that my intention in this post is to raise your awareness of passive income opportunities on Cryptocurrency Lending platforms and my intention is not to replace your own research. However, it really reflects my own opinion.
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