This year has seen some exciting developments in the crypto lending sector, with crypto lending platforms finally beginning to receive the respect they deserve. As a result, a growing number of crypto lending and borrowing services are finding their way to the market.
With several choices available, finding the best lending service to suit your investment needs can seem like a daunting task when you don’t know where to begin your search. Luckily, if you stick to reputable platforms such as those highlighted here you are sure to receive some great service and fantastic interest rates.
CILIO Finance
CILIO Finance is a relatively new crypto lending and borrowing platform, released in mid-2020. Users of the platform can deposit Bitcoin, ETH, DAI, USDT, and USDC into their lending account and start earning high interest on their deposits, as well as use their BTC to instantly borrow USDT. The platform also offers a lot of flexibility in how there are no minimum deposits, no lock-in periods, and your crypto can be withdrawn at any time you like.
When it comes to security, user funds stored within CILIO Finance’s Wallet are secured by CYBAVO VAULT, a commercial-grade digital asset and management platform offering solid protection for all users.
Another favorable aspect of the CILIO Finance platform is its community support, and the team is always on hand to help with any questions or concerns. Additionally, any time you refer someone to CILIO Finance you earn a nice bonus of 10% of their daily interest, thanks to the platform’s referral program.
Nexo
Launched in 2018, Nexo has since grown to become one of the best-known crypto lending and borrowing platforms in the space today. The platform offers a sleek interface that makes it easy to quickly lend or borrow crypto and, a favorable move in the crypto world of relentless volatility, offers consistent interest rates.
Interestingly, Nexo also offers their own token that not only allows its holders to gain an even higher interest on their deposits, but also a slice of the company’s net profit in the form of a few regular dividends.
Soon Nexo are planning to release their own crypto debit card, an affiliate program, and more; indicating that the platform is definitely one to keep an eye on.
BlockFi
BlockFi has long been a major contender in the market and has been popular since its introduction by Zac Prince and Flori Marquez. Since its inception, BlockFi has secured some notable partnerships. Impressively, the company secured over $20 million from a variety of firms. Of these, Coinbase Ventures is the best known.
BlockFi offers a healthy interest rate to lenders of 6% on their Bitcoin investments. Additionally, the platform has an aggressively low rate for borrowers of just 4.5%. While these rates are not as good as some of the other recommendations on this list, they are still some of the best in the market.
BlockFi also never requires its users to meet a minimum deposit requirement. In this way, the platform allows all types of users to be able to lend their holdings no matter the amount.
Celsius Network
Celsius Network was founded in 2017 with the idea of creating “an economy where financial freedom doesn’t come with a price tag”. A number of the world’s most popular cryptocurrencies are available to lend and earn competitive interest on, in addition to the option to quickly borrow crypto or cash.
Similar to Nexo, Celsius Network also offers their own unique token that allows its holders to receive a number of rewards. These include higher interest rates for lending, lower interest rates for borrowing, and, unique to this list, special benefits for institutions who choose to become a member of the platform.
Celsius Network also has a vibrant fan community with an Ambassador Program that offers great rewards for those who participate, such as earning $100 for every loan client they invite to join and rewards for introducing lenders who deposit for certain periods of time.
YouHodler
YouHodler offers a low entry cost, high security, and overall flexibility. Unique to this list, the platform also allows you to earn interest on your Binance coins (BNB). Currently YouHodler is the only platform in the world apart from Binance offering this service to BNB holders currently. This feature adds an element of exclusivity to the platform.
YouHodler also has a feature known as “Multi-Hodl” that allows you to earn interest from a portion of your holdings, while still investing a percentage in other cryptocurrencies. You can continue to buy and sell, all while you stack up some healthy interest payments. It’s no wonder YouHodler is very popular.
Another cool feature unique to YouHodler is Demo Funds. The demo funds feature allows lenders to experiment with fake Bitcoin to better understand the system. This is a powerful tool that helps a lender to leverage the technology and achieve even higher returns than had they fumbled about without the training.
With the world of cryptocurrency continuing to be full of volatility, it’s a no-brainer as to why an increasing number of crypto holders are turning to lending platforms to help them make gains and avoid the risks of trading. If you are considering becoming a hodler yourself, the above-mentioned platforms are a great start.
These are some good lending platform that is on my watchlist too