2020-10-15 17:18:17

BitFinex + Celsius Integration Adds Earn Rewards from Crypto holdings

When it comes to earning interest from crypto holding, Celsius, BlockFi, Nexo are some of the popular names. We have earlier reviewed Blockfi, and today’s article is for users who are using Bitfinex exchange and looking to earn interest in crypto holding.

Bitfinex exchange which has been around for a long time announced its integration with the Celsius network. Now, you can access features of Celsius from the Bitfinex exchange, and earn interest on crypto holding. The lending account is nothing new with crypto exchanges, but this is uncommon to see an exchange integrating with a centralized lending platform like Celsius.

Also check out: Bitfinex review

The world’s most popular exchange Binance also offers the option to earn interest on crypto holding. However, with the Celsius partnership, Bitfinex could offer way higher interest rates on popular cryptos like Bitcoin, Ethereum, and many others. For example, at the time of writing this news, Bitfinex is offering to earn interest of 4.41% APR on Bitcoin, whereas Binance is offering only 0.25% APR on Bitcoin.

Watch this video to learn about Binance lending/saving account feature:

What I’m really excited about is, as these platforms like Celsius and others get into partnership with other platforms, it would fix the trust bug, and it will also help in wider adoption. For Bitfinex, this is not the first time they partnered with a 3rd party service. Earlier, they have partnered with Bitrefill to offer shopping features to their platform.

According to official announcement post:

Bitfinex users who open a wallet with Celsius can withdraw their crypto from Celsius at any time, with no lock-in periods and no fees. Rewards are accrued daily, compounded and paid at weekly intervals. This provides a major advantage over most income-generating products which often come with withdrawal restrictions, fees and/or penalties.

How to use Celsius on Bitfinex to earn interest on Crypto holding:

If you already have an account on Bitfinex, simply login to your account. If you don’t have an account yet, click here to create a Bitfinex account.

Now, click on more and select Lending products

Read the notice, and accept it to move ahead.

Now, select the supported crypto which you want to lend to earn interest on it. The same page would show the expected interest rate on the same. You can also head to the Celsius website to see the current interest rate on all supported cryptocurrencies.

4.41% Annual APR on Bitcoin

Click on deposit, read the pop-up message and accept to deposit funds to Celsius network.

That will deposit the funds, and you will start earning the interest on it. From the same page, you can withdraw your funds at any time.

Join Bitfinex

As I said earlier, this is an interesting integration, and something that would pave way for more exchanges to integrate with 3rd party crypto lending services. However, IMO lending crypto to earn interest is not 100% safe due to counterparty risk, so you should be careful when lending. At the same time, the only way crypto would become a full fledge financial system with the growth of such services.

What’s your thought on Bitfinex and Celsius network partnership? Do you use Bitfinex exchange or Celsisus network service? Let me know in the comment section below.

News appeared first on: Coinsutra.com

Get Crypto Newsletter
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer