Leading Cryptocurrency Lenders of 2019 for Those Interested in Bitcoin-based Loans
A large percentage of crypto enthusiasts are not in the crypto industry for the groundbreaking technology—they are here to earn a profit. But achieving this final part is something that has proven challenging for many crypto users. The most affected users are those who are not interested in conducting frequent crypto trades.
Many crypto-based platforms lending out crypto have proved fascinating to observe. Below are some of the platforms involved in the provision of this particular service.
Users should, however, ensure that they carry out their investigations and research before approaching any of the following companies:
dYdX Exchange—A Multipurpose Platform
At the moment, there is a likelihood that there are not many crypto users who are well acquainted with this name. But a closer look at its operations indicates that it is a platform that seeks to provide tools intended to make a big impact in the crypto industry.
The exchange has primarily focused on four main aspects of the crypto industry. It makes it possible for users to manage their assets, portfolios, positions, as well as lend, borrow, and trade. The option allowing users to lend crypto can prove beneficial with time as it is a great way for crypto enthusiasts to earn interest.
Dharma—Borrowing and Multi-Currency Lending
Dharma was among the first few companies to introduce the concept of stable coin lending services. At the time, many crypto experts were not convinced that this concept would work.
But with time, it has become clear that there indeed exists a good market for this type of service. At the moment, the platform provided support for USDC, DAI, and Ethereum lending and borrowing. Users can expect to earn an interest rate of between 2.5 percent and 14 percent depending on the asset they want to lend out.
Nuo—Currently Supports Six Currencies
The one thing that is becoming apparent when it comes to crypto lending is the fact that not many people are interested in Bitcoin. The reality is that this is not a bad thing for the industry, even as some crypto enthusiasts continue to hope that the industry will deliver more with time.
NUO currently provides borrowing and lending services for a total of six assets. This includes DAI, Ethereum, USDC, Basic Attention Token, and oxm Maker. Dai is at the moment providing some of the best rates, even as it becomes clear that MKR, ZRX, and BAT are not as popular as previously imagined.
Interest accounts in the world of crypto lending do not work in the same manner as your traditional services. BlockFi is a crypto lending platform that has specialized in interest accounts.
The platform will take a client’s crypto and put it to work to help the user earn monthly interest payments. Users can expect to earn up to 6.2 percent interest on their Ether and Bitcoin balances when working with this lending platform.
The crypto loans are expected to last for one year, providing borrowers with increased flexibility when it comes to repaying the loans.