In light of the recent boom of the decentralized finance (DeFi) realm, many fintech platforms are following suit, providing users the opportunity to earn interest on digital assets, however, with much more security. While DeFi platforms offer users (sometimes unachievable) high yields, fintech platforms are providing a more realistic and transparent service.
Programs called crypto earn allow users to invest their cryptocurrencies in a specific wallet on the platform and earn interest rates applicable to that specific currency. Similar to crypto staking where users lock their funds in a wallet or smart contract for a certain period of time.
Typically, each cryptocurrency will have a different interest rate, which is subject to fluctuations with market volatility. When prices rise, the APYs will rise and decrease alongside the price as well.
These programs might be available on a crypto exchange and might be accompanied by fees and a lock-up period, so be sure to read the fine print before parting ways with your funds.
How do these crypto earn platforms provide these returns?
This is an important question to ask before using a new platform. In light of the recent demise of the Celsius network, it became evident that the platform was making risky bets with investors’ money, which all came crashing down after TerraUSD collapsed.
Be sure to read the fine print and understand how these platforms are providing your returns. If it’s through a string of risky investments, walk the other way.
Who can participate in these yield programs?
Similar to a savings account, these crypto earn programs are available to anyone. However, most fintech platforms will require a KYC (Know Your Customer) verification. This is due to regulations in the industry and simply means that the platform is more reputable and reliable.
How can one earn interest on crypto assets?
As mentioned above, you will need to find a reputable platform that offers these services. Look for a company that holds the right regulatory compliance, and ideally insurance to ensure that the platform is legitimate.
Tap’n earn program
Dive into the world of making money off crypto assets and earn rewards off your digital currencies. Through Tap’n earn program, users are able to move funds from their crypto or fiat wallets into the Earn wallets and start earning yield within the first 24 hours.
These funds remain fully accessible with users able to take their funds out at any time (this will end the Earn process fot the withdrew funds). There is no fixed lock-up period, no fees, and yield is paid out weekly in the same currency. I.e. if you deposit Bitcoin, you will earn rewards in Bitcoin.
In line with the company’s goal to offer financial freedom to all in a fair manner, Tap does not charge fees for deposits or withdrawals made to/from the Earn wallet.
Tap is licensed and regulated by the Gibraltar Financial Services Commission under the Distributed Ledger Technology (DLT) with license No. 25532 and holds insurance up to $100 million with BitGo. Tap's ISO/IEC 27001 & 27003 compliant security infrastructure guarantees that the highest standards of data protection and cybersecurity are utilized.
With no minimum daily balance or maximum amounts that need to be deposited, the crypto earn account is available to anyone of any income structure and offers crypto traders a reliable way in which to earn passive income. With weekly payouts, this provides the perfect solution to anyone looking to stake cryptocurrency, without the risks associated with a DeFi wallet.
How to open a crypto interest account
If you're interested in opening a crypto yield account you can do so easily through Tap. First, you will need to download the app (iOS and Android compatible). You will then need to create an account by entering the necessary information and completing the KYC verification process.
Once your account has been set up you will have access to a range of Earn wallets. Locate these wallets from the homepage. You can then transfer crypto and fiat currencies from external wallets, or buy them directly through the platform.
If you wish to withdraw funds from any of the Earn wallets, simply select the Cash Out option and enter the amount you wish to take out. Note that you will no longer earn yield on these funds once they've been taken out of the wallet.
What is the earn structure with Tap?
The opportunity to earn yield is based on your account level and what digital assets you decide to store in the Earning Pot. Tap offers a variety of options for users to earn when storing funds, whether with crypto or fiat currencies with earning potential available for Euros (EUR), British Pounds (GBP), Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
If you’re ready to begin earning yield on your digital assets, get started with Tap today.
Disclaimer: This article is intended for communication purposes only, you should not consider any such information, opinions, or other material as financial advice.