As cryptocurrency widen its reach and welcomes new regulations that protect investors and speculators, the economy is swiftly adjusting to its impact on the world. Among the latest trends on the cryptocurrency resurgence is its shifting formation towards custodial accounts that resemble the world of fiat currency.
The crypto industry welcomes the introduction of interest rates similar to fiat banking – savings programs give crypto account holders annual interest and supposedly keep their digital assets secure.
The crypto companies known to adapt fiat banking’s interest rates for account holders are rising in numbers. Nexo becomes the latest crypto firm to give interest rates of at least 6.5 percent yearly. The company provides interest schemes for crypto coins DAI, USDC, TUSD, USDT, and PAX. With their introduction of interest schemes, Nexo provides crypto users with a checking bank account with the promise to grow tokens that will have a higher reach over fiat banking.
Nexo joins crypto company BlockFi, which offers six percent annual interest for BTC or ETH clients. Ledgerx also provides holders with interest rates for its investors’ BTC accounts. The cryptocurrency industry is already making waves in the market, giving users more ways to store and grow their digital assets. However, it is essential for cryptocurrency users to read the terms and conditions of the crypto accounts before diving into the benefits of interest rates. Some companies do not apply insurance for losses.