In recent years, more and more investors have turned to cryptocurrencies to maximize their savings. This is because digital assets can deliver much higher annual percentage returns (APYs) compared to traditional avenues of finance – such as savings accounts, time deposits/current deposits.
To put things in perspective, prominent financial institutions like Citibank, Goldman Sachs, HSBC provide annual interest income of only 0.6%, 0.5% and 0.05% respectively. These numbers don’t even come close to the returns offered by most crypto savings platforms, which tend to offer APYs between 5% and 15%. In this article, we will try to list some of the best crypto savings options available in the market today. So, without further ado, let’s get straight to the heart of the matter.
Bit.com
Although a relatively new player in the global landscape of digital assets, Bit.com has quickly become one of the most formidable forces on the scene today. The platform, which can best be described as a full-on cryptocurrency exchange, recently launched a savings product called EARN, available through an app, where customers have the option to earn an annualized rate of return. 80% APY is available for new and existing users who have not traded futures before May 10, 2022. Only USDT is currently available for 80% APY savings. But you can easily trade other cryptocurrencies on their spot market if you don’t have USDT.
Assets that users can earn interest on include Bitcoin, Tether, Ethereum, Chainlink, Bitcoin Cash, and USD Coin, among others. It’s worth noting that the savings product aims to fulfill Bit.com’s mission of promoting financial innovation and inclusion on a global scale. Finally, at the time of writing, the platform offers its users a variety of unique tools, including a trading strategy execution/pricing module, a liquidity delivery service, etc.
YouHodler
The Europe-based crypto asset ecosystem YouHodler has quickly become a popular option for many investors, in large part due to the platform offering extremely high compound interest of up to 12% on a total of 25 cryptocurrencies. However, like most other apps of a similar nature, YouHodler’s highest returns are offered for stablecoins.
However, the platform also allows users to stake a number of popular crypto tokens, including Bitcoin, Chainlink, Ethereum, etc. An underestimated aspect of the app is that users don’t have to lock their cryptos for a set period of time, thereby creating a high level of financial , operational and functional flexibility.
Krypto.com
In recent years, Crypto.com has gained increasing mainstream exposure, thanks in large part to the company’s growing list of partnerships with the likes of Formula 1, UFC, FIFA, etc.
The platform offers savings accounts for more than 50 cryptocurrencies, including various emerging altcoins. Although APYs can range quite massively from token to token, assets like USDC, Polkadot, Polygon currently offer interest rates of 8%, 12.5% and 12% respectively.
BlockFi
As one of the most widely used savings aggregators in the market today, BlockFi offers users the opportunity to earn interest on their crypto holdings in a completely seamless manner. More specifically, the platform offers savings accounts on a total of 10 popular stablecoins such as USDC, PAX, Tether, DAI, among others. Furthermore, users can also stake their Bitcoin, Etheruem, Litecoin to get steady rewards, however, the APYs offered for these assets are much lower than their stablecoin counterparts.
Celsius
Similar to BlockFi, Celsius is also an extremely lucrative crypto lending platform. Led by Alex Machinsky, the man responsible for bringing VoIP technology to the world, the platform has already amassed a capital pool of over $200 million and boasts about 50,000 active addresses.
And although the project is fairly centralized in overall design, it offers decent interest rates on various stablecoins and cryptocurrencies like Bitcoin, Ethereum, USDC, PAX, and others. Finally, the platform allows users to collect weekly interest and increase their returns simply by accepting their interest in the form CEL, Celsius’ native digital token.
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