Get Passive Income on These Top 5 Crypto-Earning Platforms

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Published: Nov 3, 2022, 14:52 GMT+00:00

With the industry’s trend appearing positive, a number of investors are now searching for platforms where they can invest their funds in a bid to earn passive income.

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Just as the industry is replete with thousands of projects, finding the right options can be very tricky. That is why this curated list of the 5 best platforms to earn on your crypto holdings will come in handy for every proactive investor.

Platforms to Earn Interest in Cryptocurrencies

The crypto winter showcased the flaws in many companies’ business models as we saw many bankruptcies across the board.

Investors, despite their readiness to inject funds into the space, are still very careful in order not to commit their funds to the wrong platform. The platforms profiled survive the crypto winter, and present a good point for research into related firms to embrace.

These platforms include:

1. Crypto.com

Crypto.com is a Singapore-based cryptocurrency exchange that offers an “Earn” product for both retail and institutional investors. As a regulated trading platform, Crypto.com pegged the interest rate of its earn product at 14.5% for cryptocurrencies, while stablecoins can give as much as 8.5% per annum.

The earn product supports more than 40 cryptocurrencies including its native digital asset, the CRO coin. The product has lowered the barriers to entry and besides its optimized reward, users can access support anytime, making it a very responsive option to pitch tents with.

2. Choise.com

Choise.com is one of the most forward-thinking yield platforms designed to aggregate the features of both Centralized and Decentralized Finance in one system dubbed MetaFi. The platform offers products that typically help DeFi users accrue more interest when compared to current alternatives.

The platform offers a varying amount of earning products, with its latest product, the NFT Interest Accounts, being the first of its kind in the industry and offering up to 25% APY. With this product, users will need to mint a token to receive a unique NFT with the interest account characteristics to their MetaMask wallet. Then they can open accounts in DAI, USDT, USDC, and CHO.

At the end of a defined term, Choise.com will exchange the NFT for the amount locked in the interest account plus interest. The NFT Interest Accounts offer the opportunity to invest in fixed amounts with 13 options in total, ranging from 100, 2000 to 100,000, and up to 500,000 coins.

3. Coinbase Earn

Coinbase is a regulated cryptocurrency exchange, offering investors a secure way of earning interest on their digital assets. The Coinbase Earn product is particularly designed for this and investors can earn up to 5.75% on their crypto coins.

The Coinbase Earn offering is particularly soothing as investors can deposit as little as $1 and all facets of the product can be accessed under a single dashboard. The security and simplicity of the product generally make it an attractive option for investors, particularly those new to the ecosystem in general.

4. BlockFi

BlockFi is one of the acclaimed crypto-lending platforms that is now owned by FTX Derivatives Exchange. The platform lets its customers earn money on their cryptocurrencies through its dedicated BlockFi Interest Account (BIA).

The BIA product offers as high as 15% in Annualized Percentage Yield (APY) and the rewards are accrued daily, and the payout is done monthly. Boasting ease of access, payment flexibility, and security, BlockFi’s Interest Account is designed for all users, including those who want easy access to tax reporting tools.

5. Nexo

Nexo is a crypto lending platform with a trusted crypto-earning product. By offering a 16% Annual Percentage Rate (APR) on deposits, Nexo wants crypto owners to put their idle coins to work via the product. The company said the interest is compounded daily, comes with no fees, and payouts are accessed daily as well.

For the earn product, Nexo supports a variety of crypto assets including but are not limited to Bitcoin (BTC), Ethereum (ETH), XRP, DAI, USDx, and GBPx amongst others. While there are many reasons to choose Nexo including its insurance covers for its assets under custody, a major downside is evident, and that borders on the inability of customers to access their funds within the duration of the staking period.

Conclusion

Investments in digital currencies still come with a very big risk as the volatility in the industry can not be predicted. However, locking one’s funds can be a good way to hedge the risks that the market downtrend can bring. In all, investors’ personal research should guide final investment decisions at all times.

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