Crypto.com started life out as a crypto card project in 2016 but after years of delays rebranded as a crypto exchange, onboarding millions of investors in its original Monaco card project.
Today, it thrives on offering discounted buys of crypto for its members. Members who participate in limited time offers can buy its own native CRO tokens to also buy more established digital assets like Bitcoin and Ethereum at good prices.
Crypto.com makes this list because its type of staking actually differs from actual staking, as explained in the following paragraph.
Crypto.com offers staking via its Crypto Earn facility, which also branches out into other financial services like loans and even NFT markets. This is the main difference in their staking options, as they actually don’t stake your coins into staking pools. Instead, your deposited funds are allocated as loan capital to other users. Stakers earn interest from these loan repayments, which is paid out daily to stakers.
As such, the APYs will appear to be higher than actual staking. Stablecoin APYs are double that of rivals, for example, USDC and TrueGBP offer 12% APY, while Bitcoin and Ethereum are 6.5%. Hold enough of its native CRO tokens and you can earn even higher APYs.
Unlike other rivals, though, Crypto.com is not very user-friendly, with far less educational content about their offerings. As such, it may be difficult for a newcomer to navigate around the website and features.
It also does not appear to be as globally compliant as others when it comes to regulatory licences, owning a Class 3 Virtual Financial Assets (VFA) License from the Malta Financial Services Authority (MFSA) and Australian Financial Service License.
Crypto.com staking summary:
- High APYs (12%) on stablecoins, higher than normal APYs (6.5%) for regular digital assets
- Users can hold CRO for better rates
- Income is from interest-bearing loans, rather than actual staking
Pro: Higher than usual APYs.
Con: Can be difficult to navigate and learn for new users, weaker global regulatory status.
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