Over the last couple of years, the rise of centralized exchanges (CEXs) and decentralized exchanges (DEXs), coupled with the unprecedented growth of decentralized finance (DeFi), has opened the doors to more than one way of generating returns from cryptocurrency.
As the market share of cryptocurrencies continues to expand, novel solutions have entered the blockchain ecosystem, many of which are designed to contribute towards more widespread adoption. These days, users can choose from several DeFi features like yield farming, staking, and lending to earn interest on their cryptocurrency holdings instead of generating returns through trading alone.
But DeFi isn’t for everyone, as navigating the ecosystem requires complex knowledge of blockchain and other related areas, making it difficult for most people to realize their holdings’ full potential.
CoinZoom, a highly regulated crypto exchange, has recently launched its new crypto savings product, CoinZoom Earn, to address this problem and empower users to generate passive income across several digital assets. The offering allows ordinary users to earn up to 10% APY on over 40 different cryptocurrency deposits and up to 10% APY on USD deposits.
A Crypto Savings Solution To Earn Crypto On Deposits
While there are hundreds of centralized and decentralized exchanges, each contributing in its own way to expand the crypto ecosystem further, the increasing number of regulatory and policy decisions implemented by governments and central banks is making it difficult for the majority of platforms to offer their entire suite of services in certain jurisdictions.
A slew of regulatory guidelines now burdens both centralized exchanges (CEXs) and decentralized exchanges (DEXs). Non-adherence may lead to suspension of partial services or even an outright ban. Some of the biggest exchanges like Binance and Uniswap have already attracted unwanted attention from several regulatory bodies worldwide.
The recent ban on operations of Binance in the UK and partial suspension of trading pairs in Singapore serves as a glaring reminder that governments and financial organizations are taking a deeper interest in cryptocurrencies, aiming to build the proper governing framework for digital assets. Moreover, there is always a fear in the mind of users that assets may be lost if their country bans one or more exchanges they use for trading.
With several prominent exchanges ending up on the wrong side of the regulatory line, CoinZoom has cemented itself as a highly-regulated cryptocurrency exchange licensed to operate in over 140 countries, thanks to adherence to country-specific AML, KYC, FinCEN, and OFAC compliance requirements.
Adding to its comprehensive suite of products like CoinZoom Visa cards, the ZoomMe remittance service, free peer-to-peer crypto and USD deposits, and trading in 192 countries, the platform has recently introduced a savings product titled CoinZoom Earn. While all of the products offered by CoinZoom include additional benefits for users, CoinZoom Earn stands out from the rest, primarily due to its feature of generating passive income for cryptocurrency users already own.
Platform customers can transfer existing holdings to their Earn wallet from their CoinZoom trading wallet or fund Earn wallets with fiat currency to purchase crypto. Either way, CoinZoom customers can earn up to 10% APY on over 40 cryptocurrencies and USD deposits. Depending on the VIP level, CoinZoom VIP customers can earn up to an additional 20%. At present, CoinZoom Earn is available for all CoinZoom customers across the 192 countries it serves.
Another notable fact about CoinZoom Earn is that there are no long-term commitments. Interest on the customer’s assets in the Earn wallet is accrued daily and credited to the customer’s account on the 7th day of every month. Customers are free to reinvest the interest earned into their CoinZoom trading wallet, withdraw it directly from the Earn wallet, or spend it with their CoinZoom Visa card to earn additional cashback and rewards.
According to Todd Crosland, CEO of CoinZoom,
“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.”