The emergence of decentralized finance (DeFi) has opened many new avenues for generating income by putting the crypto assets that you already own to work. However, entering the world of DeFi and navigating through the myriad of features like staking, lending, borrowing, and swapping demands extensive knowledge of blockchain technology.
As a result, much of cryptocurrency’s growing audience finds it difficult to generate passive returns from their digital assets. With the crypto ecosystem growing by leaps and bounds, the demand for steady yet straightforward yields on cryptocurrencies has reached an all-time high.
To address this demand, CoinZoom, a highly regulated cryptocurrency exchange, has launched its newest feature called CoinZoom Earn, which allows its customers to earn as much as 10% APY by simply HODLing their existing digital assets.
Savings Feature Delivers Passive Returns For Idle Crypto Deposits
While trading is among the available ways for almost everyone to enter the crypto market, the inherent volatility makes it rather challenging to accumulate steady returns. But with the gradually expanding mainstream adoption of cryptocurrencies, customers, especially HODLers, need alternative sources of returns beyond appreciation in the underlying asset - something that is consistent and doesn’t require any involvement.
As of now, most of the centralized and decentralized exchanges don’t generally offer any additional returns on the cryptocurrencies accumulated in their users’ accounts. On top of that, the increasing number of regulatory and compliance policies implemented by governments and financial organizations worldwide is further hindering exchanges’ planned expansion of products and services.
Take, for instance, the recent ban on Binance’s operations in the UK by the Financial Conduct Authority (FCA) or the order by the Monetary Authority of Singapore (MAS) stopping Binance from offering certain services after a potential breach of local payment rules. Other than centralized exchanges (CEXs) like Binance, decentralized exchanges (DEXs) like Uniswap are also being questioned by regulators like the US Securities And Exchanges Commission (SEC).
Amidst the tightening regulations and the rising demand for alternative revenue generation sources on cryptocurrencies, CoinZoom stands out as a highly regulated platform that offers a slew of products and features to help customers get the most value out of their crypto investments. The platform serves customers across over 192 countries and fully complies with the AML, KYC, FinCEN, and OFAC compliance demands of more than 140 countries.
Adding to its existing suite of crypto-centric products like the range of CoinZoom Visa cards and the ZoomMe remittance service, CoinZoom has now launched the CoinZoom Earn feature, which allows customers to earn interest on the crypto they already own. According to the official release, CoinZoom customers can earn upwards of 10% APY on more than 40 cryptocurrencies and USD deposits. Meanwhile, CoinZoom VIP customers will gain access to bonus interest of up to 20%, paid in ZOOM tokens.
To start earning interest, customers need to fund their CoinZoom wallet, purchase crypto, and opt for the Earn feature. Unlike several other crypto-savings accounts currently available in the market, CoinZoom Earn doesn’t come with any long-term commitments. Customers can withdraw the interest earned from their wallet whenever they need it, reinvest it into their CoinZoom trading account, or spend it using CoinZoom Visa card (which also offers cashback and rewards for spending crypto).
Furthermore, the interest earned on the cryptocurrencies will be accrued daily and credited to the customer’s account on the 7th of every month. The CoinZoom Earn feature is currently available for customers across 192 countries, delivering passive returns for the aforementioned cryptocurrency pairs and USD deposits.
Todd Crosland, CEO of CoinZoom, adds:
“We are striving to be more than just a crypto exchange for our customers. We provide a platform that allows customers to invest, spend, send, and now earn interest on all of their digital assets as well as USD, making it seamless to utilize CoinZoom for all of their banking needs.”