The Midas Touch - Passive Income on your favorite coins

I've decided to really focus on building up a nice passive income using crypto in 2022.  As someone fairly new to the crypto space, there are so many choices when it comes to wallets and exchanges - it can be overwhelming.  I initially decided to give Nexo a try with their competitive interest as I wrote in my article - What's in your wallet?  Unfortunately, I happen to live in a state (Texas) for which they offer no interest as it turns out.

Back to the drawing board...

I'm focused on four main options when it comes to interest, all have pros and cons:

• Crypto.com - offers solid returns around 5% for big coins like Bitcoin and Ethereum (depending on how much you hold)

• Binance - more of a staking platform focused on Ethereum at 5%

• KuCoin - is more of a lending platform which is of interest to me but I need to learn more

• Midas - offers the best rates for Bitcoin (17%) and Ethereum (23%) of any platforms I can find

Are those mouth watering returns from Midas Investments too good to be true.  Let's examine...

Midas Investments is a custodial crypto-investment platform with a goal of providing passive income streams to its clients.  to provide passive income streams to its users.  The company generates yield through hedged strategies via various methods including hedged token farming, DeFi yield vaults, lending/borrowing, and as a concentrated liquidity provider (on Uniswap V3).

Weekly Returns - Midas offers the highest returns I could find with weekly payouts.  There are no limits or lock-ups.

No KYC - you remain anonymous and register your account using just gmail or Discord. 

Advanced Features - the platform offers features such as Stable Yield Automated Portfolio and Masternode Yield Automated Portfolio.

Midas Coin - they do offer their own crypto and you can earn 24% APY through Proof-of-Stake.

Fees - there is no deposit fee but they do charge a withdrawal fee of 0.0002 BTC (unless you are transferring between Midas wallets which is free) which is around $10.

Safety - the company has been around since 2018 with no reports of ever being hacked.

Security - you don't have a password with Midas, instead they require email verification of each withdrawal for which they will enable two-factor authentication.

Wallets - they have both hot and cold wallets (90% of assets are stored in cold wallets).

So what is the catch?  Midas Investments is centralized an like any other centralized platform you are giving away control of your cryptocurrency.  The question, is the risk worth the reward?  Please let me know your thoughts in the comments below.