Do you own Bitcoin, Ethereum, Chainlink or other cryptocurrencies which are not staking tokens? Are they just sitting in a wallet gathering dust waiting for that prime time to sell? If the answer is yes then why not put certain percentage of each one to work and let it grow until then, you'll end up owning more to sell! Although you can't turn them into staking tokens you can lend them out for very attractive interest rates.
Who can I trust?
In the last few years competition has been fierce with new projects appearing on the scene trying to offer something distinctive to win you over. While many I wouldn't even trust giving my email address yet alone lend crypto to, there are few which have built a good reputation amongst the space and are trying to help with crypto adoption in our day to day lives.
My first pick is: Crypto.com They offer upto 6.5% p.a on Bitcoin, 5% on Ethereum and 6% on Chainlink. Below you'll find a list of all the coins you can currently put to work on their platform and earn interest. They also offer their Visa Debit cards which enables you to use your crypto in any card transaction which is Visa compatible. Obtaining their red tier card or above comes with huge perks including cash back (staking 50 MCO is required). You must note to earn the highest interest rates for your cryptos, you will be required to lock up your crypto for 3 months. Interest will be payed weekly in the same currency and is NOT locked in (you can do as you please with it). Alternatively there is a flexible period too but at a much lower rate.
(Source: CRYPTO.COM app)
My second pick is: Celsius Network. Celsius in my opinion is more like a traditional bank current account, your funds are not locked for any period of time and there is no minimum requirement amount to hold for interest eligibility. They also pay interest weekly in the same currency. You can also choose to opt-in and recieve interest in their own CEL token for a higher rate if you wish. Below is a list of the current tokens you can earn interest on and the rates.
(Bitcoin is not on the list, however they are paying 4% interest at the time of writing this article. They will also be adding support for additional tokens soon. Source: Celsius Network app).
What is the risk factor in lending my crypto?
Every element in life involves risks, businesses, stocks and shares, any form of investment is a risk, crypto Is considered a huge risk amongst people who are against crypto. You will have to assess your own risk tolerance levels and see if your comfortable with lending. What we all do know is 'the higher the risk the higher the rewards'. Crypto maybe considered a high level of risk, but equally so have been the rewards. This sector has made teenagers investing mere pocket change in the early years into millionaires.
I must disclose, these are my own opinions and not necessarily financial advice. Have not been payed by any of the named companies. Please conduct your own research and act accordingly to your findings. If you would like to sign up to the above mentioned, using my referral code below would enable you to get $50 free (in MCO tokens) from crypto.com and $10 free (in Bitcoin) from Celsius Network. Terms and conditions apply.
Www.crypto.com Referral code: tau5xrbsyy
Celsius.Network Referral code: 1110629c18
Using either the referral codes or leaving a tip would be highly appreciated and would help deliver further informative articles regularly.
Thanks for reading,
Vee
