Celsius Network and high yield crypto savings
Just like many others, I have a keen interest in lower risk ways of making a passive income from cryptocurrency, not always easy given the high volatility.
That's why I started to research high yield crypto savings wallets, there are a few out there Nexo, BlockFi and Celsius Network are probably the three most well known. Searching on the Internet there is varying levels of trust with these projects, with BlockFi seemingly being the most “trusted”, it is fully licensed, though investors are comprised of traditional banking ******** such as Fidelity and Coinbase. Nexo claim to be licensed and regulated however there is no clear link to the exact licenses that they have and there are tenuous links to their parent company Credissimo, still I believe they are as reputable as any. The attraction to Celsius was the high amount of profit given back to their savers - 80% of profits earned from loan interest is given back to their savers and their savings interest rates are the best I have found ranging from 8% to 11% for stable coins if you hodl their CEL token (available on the Liquid, IDEX,HitBTC, Switcheo exchanges). Also their executive team is made up of entrepreneurs with a proven track record, they keep some of their assets in BitGo cold wallets with $100m insurance protection against hacking and they are regularly audited by an external company based in the UK. The rest is kept in Fireblock’s hot wallet, they are the newest custodian to partner with Celsius and are used for insured hot wallet balance.
With a compound interest rate of 11% on stable coins I finally have somewhere I can place my savings without the concern of volatility and whilst earning a very high interest rate in comparison to more traditional savings products. Celsius DO NOT lock up your tokens, you simply use it the same as any other crypto wallet, deposit and withdraw anytime you like - except you earn interest on your holdings with Celsius. The interest is paid weekly on a Monday, but it is accrued daily. To get the best rates you can opt to earn your interest in CEL tokens (you can also just earn interest in the crypto currency that you have deposited if you would prefer).
If you would like to join the crypto savings revolution and earn $10 of BTC in the process in doing so please use my referral link and make a deposit of $200 or more of crypto currency: https://celsiusnetwork.app.link/150997278e
Interest rate information can be found here: https://celsius.network/earn-interest-on-your-crypto/
Information on the CEL token can be found here: https://celsius.network/cel-token-explained/
Happy saving!
Disclaimer: Nothing in this article constitutes financial advice, you invest your money at your own risk. This is merely a narrative covering my own experience
This information is very useful as it doesn't make sense to keep money idle. But the main issue is that some of those wallets hide certain information, it is after deposit that the information will be revealed.