Hello everyone and welcome. Did you know that you can have your Crypto work for you? Just like many traditional banks pay their members interest on the money deposited and held in the bank's account, cryptocurrency lending platforms are doing the same for their members. However, many of these cryptocurrency lending platforms will pay you more interest than your traditional banks allowing you to generate a sizeable passive income.
Choosing a Lending Platform
The most popular cryptocurrency lending platforms are BlockFi.com, Nexo.io, and Celsius.Network. After carefully research of the different lending platforms, I decided to try Celsius. Their platform stood out to me the most because the robust number of cryptocurrencies supported and the amount of interest offered vs the competitors. Nexo would be my 2nd choice because they are also custodian insured by BitGo.
Other features that stood out over the competitors were: No fees to deposit or withdrawal your assets, interest is paid weekly, and no lockup periods on your funds. Their referral program is remarkable as well. More details at the end.
Diverge to Converge
Dare to be different in cryptocurrency world if you want to be noticed. This lending platform is built for the mobile. There is no website to sign-in on for a desktop web browser. You must download the App and install it on your mobile phone or tablet. Plus it is available for both Android and IOS.
Security
Signup with your email and create a password. This App offers supports 2-Factor Authentication through Google Authenticator, which is highly recommended. In addition, the App's wallet is service by BitGo, which is a leader in institutional grade wallets.
User Interface
The App's interface is quite user friendly and very straight forward once signed in. It's easy to see when the interest earned was disbursed and the amounts. In addition, you can gain bonus rates when you purchase and deposit Cel tokens. Bonus interest is paid in kind as well, ie Cel to Cel.
Earnings
I started with a small amount of about of $685 in USDT Tether stablecoin at 8.97% APY. Interest is disbursed on Mondays at no specific time and is earned in the cryptocurrency you deposit. In addition, the interest is calculated from balance on Friday until the following Monday. It was about ten days before received my first interest payment of $0.75. The interest continued to pay weekly $0.95, $0.95, $1.06, and $1.13 respectively. Overall a grand total of $4.88. Not bad at all for one month of interest on $685 USDT.
Compared to Traditional Banks
Celsius in contrast to the bank account I have with Capital One is by far better for in terms of earning interest. The current APY is 0.6% not even comparable. It would take at least $10,00 to get an interest disbursement nearly them same. That same $ 10,000 would earn you approximately $17 a week interest.
Referral program
Celsius referral program is quite rewarding. For every referral that signs up with this referral code 11623449b4 they will receive a $10 Bitcoin Bonus. In return for everyone you refer will get the same bonus. This platform has been great so far, I plan on adding more crypto to HODL for passive income. Join Celsius!!
