You can get a cryptocurrency savings account which will help you gain interest over time, but there is also a cost that comes with this account as well. These banks are offering about 9-12% interest on Crypto which is much more than you can get from a savings account at a traditional bank. The highest rate is for coins USDC and Tether which hit 12%. However, when you use cryptocurrency you are always prone to extreme market conditions and cyber attacks.
- Crypto banks such as BlockFi and Nexo are offering very high interest rates on savings.
- The interest rates are lower if you hold more of a cryptocurrency.
- Crypto savings aren’t insured and the banks reserve the right to halt transfers or withdrawals.
“If you’re willing to hand over your crypto to a bank for a profit, then you open yourself up to losing it for good.”