Stack Sats Passively
I have done a number of posts regarding passive earning solutions and earning interest on existing Crypto holdings is one of the avenues I have addressed. I have been and continue to be a firm fan and user of BlockFi for some very obvious reasons that I will not address again, as I will leave links to previous posts regarding BlockFi and the services they offer at the end of this article. Today I will be addressing a company that I have not been too fond of in the past but I have decided to put my bias aside and perhaps start utilizing Nexo to earn some interest on some of the alts that I believe will be around for a long time to come.
Previously Nexo only offered interest on stable coins but have recently added BTC, ETH, LTC and a handful of some top quality alts, including PAX Gold! One of the draw cards is that interest rates are a set rate of 6% across the board, which is looking really attractive for ETH! The average rate is approximately 4% on other platforms and it doesn't end there! By choosing to receive your interest in the NEXO token, you can increase your 6% to 8%, which is very attractive for BTC and ETH in my opinion. Stable coins receive a higher interest rate and are all set at 10%, which can also be increased to 12% by opting for earnings paid in NEXO.
Earnings that are received in NEXO can then be sold for BTC or any other currency of choice. Alternatively, you can hold onto your NEXO tokens and earn dividends on a continuous basis. The dividend pool receives liquidity from the company's profits, as 30% of profits is then distributed to token holders. What I am quite excited about is that ChainLink, Litecoin and PAX Gold are also available at really great rates when compared to many other alternatives.
I am not that concerned about TRX, as there are so many other ways to put TRX to work to earn very high yields. BNB is also on the way and should draw a fair amount interest.
Custody & Insurance
Nexo claim to have a $100 million custodian insurance policy. Assets are held in multi-signature wallets and cold storage facilities at BitGo, which is a qualified and audited custodian. BitGo are SOC 2 compliant as well Cryptocurrency Standard Security Level 3 compliant and are rumored to be possibly acquired by PayPal as part of their current Crypto binge! This has not been confirmed at the time of writing.
In the interest of diversifying risk, Nexo appears to be a fairly viable alternative to BlockFi and Celsius. As with any investment, please do your own research, as this is purely informative entertainment. This is not financial advice.
All the best on your journey to stacking sats for tomorrow!
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