For the past couple of months I have been earning passive income by lending my lending my digital assets on crypto.com. It's a great way to put your, otherwise idle, digital assets to work by generating a little liquidity. Until recently the only "top up" options for the crypot.com card were bitcoin and USD. In other words, you could only add to your spending balance using either bitcoin or USD. I'm happy to report you can now top up your card using Litecoin, Ripple, and Ethereum.
In addition to spending your newly earned interest, you can also also earn up to 5% cash back on purchases.
To qualify for the cashback you must buy and stake MCO tokens. In return for staking, you become eligible for additional perks. For example, by staking at least 500 MCO tokens you'll be able to get the best rates provided by the platforms Earn feature. In the near future they plan on adding more token utility, which in theory would be a positive price catalyst for the MCO token.
I've personally staked 500 MCO tokens because 8% interest on bitcoin is very competitive in this industry. Given it's nascent industry, , the borrowing demand for BTC is relatively low. For this reason, getting anything above 4% is note-worthy. By purchasing 500 MCO tokens, you're essentially paying for the privilege to earn a higher rate. User who are not staking MCO tokens are subsidizing your higher interest rate. This makes me more optimistic about the platforms ability to sustain these rates.
Unlike the ponzi schemes of the past, crypto.com is a real business with real profits. As the platform develops into a finance hub with a full suite of services it will generate additional revenue streams. This will further strengthen crypto.com's ability to pay out interest. In fact, we have other big and small players looking to augment their services by providing lending. Binance, Coinbase, and Bitrue have all rolled out similar lending products. It's only a matter of time before lending services become a industry standard.
If you interested in learning more about lending services, check out my some of recent videos on crypto.com and other platforms. Not only will you get a full platform overview but you'll learn how to receiving a $50 bonus for registering with crypto.com.