Does your Crypto Grow in a Wallet?
Given how popular cryptocurrencies have grown recently, you’ve probably wondered how you can get some crypto for free.
It sounds like a pipe dream, doesn’t it? Well, the surprising thing is that it’s entirely possible to make your crypto work for you. And you can do it by depositing your cryptos in an interest-bearing account.
That’s right – it’s not a scam and something that thousands of folks are doing right now. Thanks to developments in the world of DeFi, people can let their cryptos work for them.
1. Celsius Network
Bitcoin (BTC): 6.20% APY
Ethereum (ETH): 6.61% APY
USD-Tether (USDT): 13.86% APY
Founded in 2017 and headquartered in the United Kingdom, the Celsius Network is a decentralized finance company that pays customers interest on crypto deposits.
For example, Bitcoin and Ethereum deposits will net users with interest returns of 6.20% and 6.61% APY. As an added plus, Celsius Network won’t lock you down with minimum deposit requirements and fund lockups.
Alternatively, customers can opt to receive interest on their crypto deposits in Cel tokens – the company’s in-house cryptocurrency. And doing so allows them to receive 30% more rewards than they usually would.
Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH): 8% APY
USD, EUR, and GBP: 12% (dependent on the currency)
Unlike other DeFi companies on this list, Nexo offers interest returns on fiat and cryptocurrencies. Along with that, Nexo also pays out some of the highest rates for crypto and fiat currency deposits.
What makes Nexo unique is that the company accepts deposits from a myriad of different cryptocurrencies where other sites typically accept only Bitcoin and Ethereum.
The company claims to have paid out more than $200 million in interest over the past few years and boasts 3.5 million users worldwide. In terms of security, Nexo promises military-grade encryption to users.
And if you’re looking for a quick loan, Nexo allows users to get cash or stablecoins by exchanging it with crypto.
The best part?
You don’t have to worry about credit checks, admin fees, or monthly repayments while being able to borrow up to $2 million.
Bitcoin (BTC) and Ethereum (ETH): 6 to 6.5% APY
USD Coin (USDC): 14% APY
Crypto.com is one of the oldest and most trusted crypto sites on this list. So, it should come as no surprise to see that the website also accepts Bitcoin and Ethereum deposits.
Interest returns range from 3% for cryptos such as Bitcoin Cash to 12% for more niche cryptocurrencies such as Polygon. More mainstream cryptos like Bitcoin and Ethereum instead net returns of 6 to 6.5% APY on deposits.
While Crypto.com claims to offer the highest interest rates on the market, users will have to fulfill a particular set of requirements to enjoy said rates. For example, depositors need to lockdown their funds for at least 3 months to get additional rates.
Stablecoins: up to 12.73%
Bitcoin (BTC): up to 7.46%
While Hodlnaut only allows weekly withdrawals, the site offers some of the most attractive interest rates for cryptocurrencies and stablecoins. But that’s not all great about Hodlnaut. The site also has no minimum deposit requirements and a required deposit period. Unfortunately, the site does not accept fiat currencies.
The world of crypto is an exciting one with plenty of opportunities. And while there are plenty of sites that accept deposits, it’s vital that you safeguard your assets and only deposit your funds with trusted sources.