Three Alternatives to Celsius You Should Consider
The collapse of Celsius, the popular crypto lending and saving app, has brought despair to millions. It’s also given centralized crypto platforms a bad rep. While moving money to decentralized alternatives sounds smart, it’s impractical for the majority of cryptocurrency owners. Many people lack the time and technical know-how to interact with smart contracts, manually yield farm, and maintain the high opsec required to self-custody funds. DeFi is not for the faint-hearted.
Thankfully, there are Celsius alternatives that offer many of the same products and services bundled into a single application. And unlike Celsius, they’ve earned trust for safeguarding – rather than opaquely reinvesting – customer funds. If you’re looking for a way to grow your crypto holdings without spending hours staring at a screen, you’d do well to park a portion of your holdings in one of the following platforms.
Cake provides DeFi-as-a-Service for those who like the concept of decentralized finance but don’t want to trouble themselves with the daily grind. This vision has found favor with around one million customers to date who have pocketed over $300M in rewards, disbursed by Cake to its crypto savers. Available on Android and iOS, the Cake DeFi app promises a $30 reward to new customers who sign up and deposit at least $50.
There are three slices of yield being served up by Cake: liquidity mining, staking, and lending. Borrowing, naturally, completes its quartet of services. Unlike some centralized apps that only pay lip service to DeFi, Cake actually does what it says it’s gonna do with your assets. Select liquidity mining, for example, and you’ll be presented with a range of token pairs for which you can LP at APRs of up to 42%. There’s also a referral program that’ll earn you up to 1 BTC per year for each friend you redpill on the joys of Cake.
One of crypto’s Big Three lenders, Nexo has the enviable record of never suffering the sort of breach that’s put paid to competitors. It’s also clean of Celsius-esque scandals. A harmonious blend of saving and trading, the Nexo app packs a ton of features behind its clean UI. There’s up to 0.5% cashback on every trade you execute and the ability to borrow against your deposited assets at 0% APR.
Security is everything when you’re utilizing a centralized crypto platform, and Nexo’s institutional products should give consumers confidence that it’s keeping their assets under lock and key. BitGo oversees Nexo’s crypto custody, which includes $750M of insurance. With over 300 cryptocurrencies supported, Nexo can hold its own against dedicated CEXs, while the ability to earn up to 16% on idle assets is a boon to savers. In the absence of Celsius, Nexo looks poised to become the cryptosphere’s de facto saving and trading platform.
Its Fortune Favors the Brave advert, starring Matt Damon, has been viewed 20 million times, but that’s not why you should give Crypto.com some love. While its marketing, starting with that famous domain, is on point, the products aren’t too shabby either. Crypto.com boasts over 50 million users who can buy and sell 250 cryptocurrencies plus another 20 fiat currencies at will.
Part wallet, part exchange, Crypto.com also offers up to 5% cashback for purchases made on its eponymous Visa card. Then there’s the promise of up to 14.5% in rewards simply for storing certain crypto assets within the Crypto.com wallet. Another cool feature is the Crypto.com academy that provides shallow dives, deep dives, and everything in between via its University portal.
The Celsius era might be over but if you look around, you’ll find that crypto isn’t going anywhere. There are still plenty of reputable platforms that provide lending, staking, trading and saving on demand. Do your research, don’t put all your eggs in one basket and you’ll be just fine.
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