Crypto.com Launches DeFi Earn for its Popular DeFi Wallet

16 Dec, 2020

By Achal Arya

Administrator

Achal Arya is a digital product designer and an entrepreneur. He did his masters degree in design from IIT Hyderabad and has a bachelors degree in Computer Science. He works in the Web3 domain and manages new developments at CoinGape. Follow him on X at @arya_achal or reach him at achal[at]coingape.com.

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DeFi Earn enables users to earn passive income and the best returns on DeFi tokens.

Crypto.com today announced the launch of DeFi Earn, a streamlined way for users to grow their DeFi tokens and earn passive income within its growing decentralized wallet app. With DeFi Earn, users are able to deposit tokens into Compound through a native-in-app integration accessible directly in the DeFi Wallet, and can start accruing interest instantly.

With over $14B in total value, the DeFi ecosystem has seen rapid growth in recent months. Crypto.com has been aggressively rolling out DeFi products to its users in 2020, first with the introduction of its DeFi Wallet earlier in the year and DeFi Swap, the best place to swap and farm DeFi coins, in September. DeFi Earn gives users even more flexibility in this rapidly growing space, providing them with the ability to deposit and earn the best returns on their DeFi tokens without leaving the Crypto.com DeFi Wallet app.

DeFi Earn is integrated with the Compound lending pool, giving users easy access, with native in-app integration, to nine DeFi tokens: BAT, COMP, DAI, ETH, UNI, USDC, USDT, WBTC, and ZRX—with more to come. Accessible via the ‘DeFi Earn’ tab in the DeFi Wallet App, users can start accruing interest instantly upon depositing their tokens and receiving on-chain confirmation.

Because their tokens are automatically linked to the protocol with the highest APY at the time of the deposit, users receive the best return possible. There is no minimum term, and users can withdraw their deposit with the accrued interest at any time. Crypto.com charges a 0.5% service fee on the corresponding earnings for each withdrawal.

For more information please visit https://blog.crypto.com/defi-earn-on-defi-wallet/

About Crypto.com

Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Visa Card, the Crypto.com Exchange and Crypto.com DeFi Wallet.

Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks. Crypto.com is headquartered in Hong Kong with a 700+ strong team.

Find out more by visiting https://crypto.com.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.