One of the most popular cryptocurrency platforms, Crypto.com, has introduced Crypto Earn and Crypto Credit to its package of offers. Crypto.com made this introduction so as to enable its users to earn interests on their coins and also be granted the possibility to borrow by using digital currency as collateral.
What you need to know about Crypto Earn and Crypto Credit
Crypto Earn is a financial product that allows all its users to earn as much as eight percent per annum in terms of interest on their cryptoasset holdings. You might be asking yourself how is this possible? Relax and continuously unfold our writing to learn more. To benefit from the 8%, users must first deposit cryptoassets into Crypto Earn. They can do this through the Crypto.com app and start accumulating interest on daily basis. Note that your interest comes in the cryptocurrency of your choice. According to the company’s press release, to get started, users will have to choose from Bitcoin, TrueUSD, and Paxos.
There are two fixed periods offered by Crypto.com namely one-month and three-month terms to earn interest in digital assets. We also learned that the company is working on providing its users with a flexible holding term. Crypto Earn also allows you to withdraw and make coin deposits at no fees and also spend what you earn.
On the other hand, Crypto Credit gives users instant loans with Bitcoin acting as collateral. Unlike what happens in traditional financial institutions like banks, Crypto Credit users are free from fixed repayment schedules, payment deadlines, monthly fees, and fees for lateness. This implies that with Crypto Credit, users benefit from a flexible repayment schedule in the twelve months from the beginning of the credit term. In addition to the fact that they do not require credit checks, you’ll also benefit from the ability to get the credit limit you want.
Kris Marszalek, co-founder and CEO of Crypto.com, said: “Crypto Earn offers the most attractive interest rates in the market today. With the MCO Visa Card and Crypto Credit, we are uniquely positioned to do it while maintaining sustainable unit economics. MCO Visa Card, Crypto Earn, and Crypto Credit together form a powerful product suite that nobody else in the industry has today. We have never been more excited about the potential of our platform and look forward to continue scaling it globally later this year,”