You’re probably familiar with earning interest on money you hold in a savings account. Several platforms now offer a way to earn interest on crypto that you hold including Bitcoin, Ethereum, and stable coins. Below I’ll cover a few options and try to explain the differences between the platforms.
Top Platforms to Earn Interest on Crypto
Top platforms to earn while holding your crypto listed below.
First, I’ll cover Celcius Network. Features include:
- Fee free.
- Earn up to 10% annual interest on top cryptocurrencies.
- No minimum deposit.
- You’ll always have access to 100% funds in your Celcius wallet.
- Ethereum, Bitcoin, Litecoin, Ripple, OmiseGo, 0x, Zcash, Dash, Stellar, DAI, USD Coin, CEL Token, Bitcoin Cash, Bitcoin Gold, TrueUSD, Gemini Dollar, Paxos, Tether, and Orbs
- Interest payments are deposited directly into your wallet every Monday
Celcius network currently does not offer insurance on deposits. Also interest payments are not compounded on Celcius Network.
Next, I’ll cover BlockFi. Features include:
- Earn up to 8.6% annual interest on top cryptocurrencies.
- Interest rate is compounded monthly.
- No minimum deposit
- Interest paid in crypto
- Interest paid out at the beginning of every month.
- One free withdraw a month. For each subsequent withdrawal request within that month, applicable BTC and ETH withdrawal fees will be applied: 0.0025 BTC and 0.0015 ETH.
- Institutional backing
- Bitcoin, Ethereum, GUSD
BlockFi Interest Account is not subject to FDIC or SIPC protections.
Last, I’ll cover Compound Finance. Features include:
- Open-source, automous protocol and decentralized
- Up to 7.74% interest
- Multiple community-built interfaces integrating the protocol including Coinbase wallet and Argent mobile wallet.
- All contract code and balances are publicly verifiable
- Ether, DAI, USD Coin, Augur, 0x, Basic Attention Token, and Wrapped BTC
Compound Labs, Inc., the developer of the protocol is the protocol admin, The admin may allow support of additional assets, upgrade the interest rate models, and upgrade the risk model of the protocol. Overtime, Compound finance will become fully decentralized and the protocol admin will be replaced with DAO.
Be sure to do your due diligence as none of the platforms offer FDIC or SIPC protections. As with most investments, there are risks. However, the platforms I selected are trustworthy within the crypto community.
Categorised in: cryptohappening
This post was written by cryptohappening