Learn how to deposit crypto and earn interest ranges from 1% to 10%
Searches for “crypto savings” have increased by 8900% over the past 2 years. And by 450% over the past year.
Crypto savings accounts let investors earn interest on deposited crypto assets, including stablecoins such as USDC or Tether.
The current APY rate for Bitcoin savings accounts ranges from 1% to 10%, outperforming average high yield saving offers in US banks.
Although, unlike traditional savings accounts, crypto savings accounts are not FDIC insured.
What is the future of crypto savings space?
Crypto trading & investing experts seeing a growing number of startups enter the crypto savings space, from lending platforms to wallet apps offering crypto rewards for their users.Binance earn: You can earn interest on Binance if you've subscribed to Flexible Savings or even Binance Staking, Binance sends your interest to your Spot Wallet daily. By turning on the Auto-Subscription feature, Binance will take the earned interest and subscribe them into Flexible Savings.
Cake DeFi: Crypto savings accounts targeting non-technical users. The company plans to launch a mobile app this year (on top of their existing web app). The Singapore-based startup has raised $2.4M in funding to date.
KuCoin: Launched in September 2017, KuCoin is a global cryptocurrency exchange for over 400 digital assets. It currently provides Spot trading, Margin trading, P2P fiat trading, Futures trading, Staking, and Lending to its 8+ million users in 207 countries and regions around the world.
Zipmex: Digital assets exchange with no minimum interest accounts. The company claims to provide $100 million insurance on custodial assets and offers interest payments daily. Zipmex’s total funding has reached $51.9M to date.
If you did not read my previous article, please visit here: Learn what is Staking in Crypto mean.